One of the most common misconceptions about estate planning is that in order to need an estate plan, you have to have a lot of money. The reality is that this is not the case. Even if you do not have a massive net worth, you still need an estate plan to protect your assets.
An estate plan is a simple, affordable way to ensure that your assets are protected and that your belongings end up in the hands of your family members and not your creditor’s.
A good estate plan has three main documents:
What happens to my stuff when I die? Do I have any control over who gets my house, guns, car, or jewelry?
Absolutely.
This is the most easily recognizable document in an estate plan. This is the document that helps direct where your assets go after you die. Your Personal Representative will ensure that your final wishes are carried out and that your assets get distributed according to the terms of your Last Will and Testament.
Ensure that your family is taken care of and that your assets are protected. Whether you have one dollar or one million dollars, you need a Last Will and Testament.
What happens if you are unable to take care of yourself while you are still alive? Who is going to make sure your bills are paid? Who will make decisions on your behalf?
The key to a Durable Power of Attorney is having it in place before you need it. If you become unable to take care of yourself because of incompetency or some other incapacitation, and you do not have a Durable Power of Attorney in place, your family is going to have to go through an expensive court proceeding in order to have the ability to act on your behalf.
The advantage of having a Durable Power of Attorney in place is that your family will be able to act on your behalf in almost all circumstances. A Durable Power of Attorney ensures your protection in the event that you have a catastrophic injury or in the event of an illness that takes away your ability to act on your own behalf.
The best time to have a Durable Power of Attorney in place was yesterday. The next best time is today.
Do you want life sustaining treatment? What about artificial nutrition?
This document answers these questions and instructs your healthcare proxy on what your final wishes are and how you want to spend your final moments. Just like the Durable Power of Attorney, the best time to have this document in place is before you need it.
Your final moments are going to be emotional. Make the decision for your family. Have your living will drawn up today.
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