Creating an estate plan is a critical part of ensuring that you are protecting your last wishes and your friends and family after you pass on. When more than half of all Americans do not have an estate plan in place, it is more important than ever to create an estate plan and create one that you can count on. Here are three important things you should consider while creating your estate plan.
Guardianships
If you are the parent or guardian of a vulnerable adult or child, you want to be certain that they will have someone to look after them if you are no longer able to. Without appointing a guardian to look after your dependents, they may wind up under the care of someone you would never have chosen. Make sure you appoint someone that you can trust to look after your loved ones.
Health care directives
An estate plan is not only for if you should pass away, but it can also benefit you if you cannot act or speak on your own behalf due to injury or illness. Your health care directive can specify what medical decisions you would make under certain circumstances. Proper planning can specify your desire for life-sustaining medical care, what types of medications you would refuse and even if you wish to be an organ donor. Specifying your wishes now can keep your friends and family from fighting or guessing over what the right decision is.
Trusts
If you plan on passing on assets or possessions to friends or family, a trust may help you do it. A trust can help you avoid certain inheritance taxes and allow you to specify how and when you want your beneficiaries to receive the contents. A trust can allow you to watch your loved ones enjoy their inheritance while you are still around, rather than after your passing.
Start your plan today
Prepare for tomorrow by taking action today. If you do not have an estate plan or you have not updated it in several years, consult with an estate planning attorney today to create a plan that you can count on for tomorrow.