Life is unpredictable and tomorrow is never guaranteed. When it comes to legal preparations, our biggest concern should lie in making preparations early, in consideration of those we leave behind to ensure we protect our loved ones as best we can. People often think of estate planning as something reserved for the very wealthy or the elderly. That is incorrect. Estate planning is about thinking ahead. It is about your desires, goals, and support for your family whether you are a single parent, married couple, unmarried individual or a business owner. Estate planning is simply taking charge of your future and making sure that the belongings you worked so hard for are preserved and protected. It is the simplest way to ensure your assets go to the people you love most upon your death.
Nobody likes planning for death, but failing to do so could cause your family immeasurable stress and conflict down the road. At some point in everyone’s life, certain difficult questions must be answered. With help and support from JMG Law Firm, you will find a proper resolution to these questions and rest easy knowing they are no longer a concern. A basic estate plan includes four essential documents: Last Will and Testament, Financial Power of Attorney, Advance Directive for Health Care, and Nomination of Guardian, Conservator, and Trustee (if applicable).
Last Will and Testament
A written Will provides a blueprint for your executor to distribute assets to your estate. A Will should not be a single document written once and then set aside until it is needed. Wills should be updated to reflect the kinds of life changes you experience such as marriage, birth of children, divorce, death in family, significant changes in your financial situation, purchase of a home or other large assets. Significant life changes is an excellent time to revisit your estate planning to ensure it remains legal and relevant, and that your loved ones remain protected and cared for.
Financial Power of Attorney
A Financial Power of Attorney is a document that allows you to name one or more persons to help you handle all of your financial affairs. Depending on your individual circumstances, you can give the individual complete or limited power to act on your behalf. The person should be someone you trust not to misuse the authority you grant. This document does not give someone the power to make medical decisions or personal decisions for you. You should regularly review this document. Relationships can change and the person you deemed trustworthy or competent may not remain so.
Advance Directive for Health Care
An Advance Directive for Health Care is a document that is meant to communicate your wishes regarding any care you will receive, treatment, guardianship over you, what you would like to happen after passing, and if you no longer have the capacity to make reasonable decisions, what you would like to happen.
Nomination of Guardian, Conservator, and Trustee
A Nomination of Guardian, Conservator, and Trustee is a necessary document needed if you have children. This document states who you would like to care for your children in the event you pass while your children are still minors. This document will give you piece of mind knowing that your children will be well taken care of.
There is no consultation required when Estate Planning. Contact our office today so that we can send you an Estate Planning Questionnaire.