The Kids Are Out of School but Are They Protected by Your Estate Plan?
Many people view the summer as a time to start over and plan ahead for the future, but once the summer hits they have forgotten their goals. Don’t fall into this trap! Instead, use the summer as a time to complete your estate planning. Often the summer has a slower pace than the rest of the year and, therefore, a little more time for estate planning. Remember, there are many important legal documents in your estate that need to be taken care of no matter what your age may be. Take advantage of the summer break as a time to complete your estate planning.
A big part of your estate is creating a legacy for you and your family. A legacy that tells the world, including your loved ones, your friends, your business and the causes you care about, how you want to be remembered. Although many people view creating an estate plan in a negative light, the truth is, your estate planning documents are of critical importance for your loved ones. There are a lot of important documents in your estate plan, including trust agreements and powers of attorney, but the essential piece to all of this planning is making sure your wishes are represented in life and incapacity, as well as in death.
The importance of your estate planning legacy is not only about who gets your estate, but it also makes sure that your family does not have disagreements over your estate. Think of your belongings such as expensive jewelry, antiques, vehicles, your home, and other significant belongings, how do you want to pass them on?
Your estate plan can also address the issue of guardianship and conservatorship. If you have children this may be one of the biggest parts of your estate plan. Guardianship determines who will take care of your children if you are to pass while they are still minors. This is not a decision you want to leave to the court system. Instead, plan early. Your legacy planning should also address how your finances will be disbursed to your children. This may take some time to think about in order to avoid conflict or inequality of money among your kids.
Planning your estate impacts the future of those who you love the most. Use the summer as a time to take care of these matters. You can even write out your ideas for your legacy on a beach somewhere, but do not underestimate the importance this planning has on you and your family members and follow through on your goal this summer to protect them. Attorney Donna Wilson is here to help you and your family! Don’t wait to call us at 866-603-5976 or contact us via our website to schedule a meeting with Donna directly.