Many clients think they do not need a full estate plan, because they are not wealthy. While we may advise utilizing different legal documents or tailored plans, almost everyone can benefit from a well-drafted estate plan.
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Over one-half of the adults in the United States do not have any estate planning documents.
This is problematic, not only for the individual’s family, but also for their own wishes in the event they become incapacitated.
Estate planning is not just about money. It allows individuals to plan for their future.
Estate planning help individuals create important financial powers of attorney and medical powers of attorney. These are both essential documents in the event of incapacitation.
Financial powers of attorney allow individuals to appoint someone to make their financial and property decisions on their behalf, should they be unable to handle their own affairs.
A medical power of attorney designates an individual to make medical decisions on your behalf, in the event you cannot speak for yourself.
Drafting these documents while you are healthy allows you to pick people who you know would act in your best interest. Appointing one person also protects your family members from potential disputes, in the event they disagree on your medical care.
Estate planning also allows an opportunity to memorialize your wishes for end of life care.
A well-drafted estate plan also protects the assets that you do have, such as a home, insurance policies, or a bank account.
You can also create a personal property memorandum to pass certain personal items to loved ones.
We help our clients pick the estate plan that works best for them, given their assets, concerns, and interests.
If you have questions, or need to update or create your estate plan, contact Rickard & Associates today.
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