Who needs an Estate Plan?
Q: Who Needs and Estate Plan?
Answer: YOU do!
If You Have Young Children, You Need a Will. The only thing worse than not being around for our children is having no say in who raises them should we die. A Will is a tool that allows you to name a guardian for minor children. Without this, it is a judge who is ultimately tasked with this decision.
Managing Finances If We Are Unable. A Durable Power of Attorney allows us to name someone to handle our finances (i.e. pay bills, access our financial accounts) should we become ill or incapacitated. Without this tool, our loved ones will have to expend time and money filing a petition in Probate Court just to keep our households running.
Someone to Make HealthCare Decisions for Us. Executing a Health Care Power of Attorney allows us to specify who we want to make health care decisions for us if we are unable to do so ourselves. Without this, doctors and hospitals may be unwilling or unable to speak with our loved ones regarding our medical condition.
Avoiding Probate. Probate is a court-supervised process for distributing a person’s assets. Having a Will does NOT avoid probate. Having a Will merely circumvents a states’ laws of intestacy (the statutorily defined method of distribution of assets to heirs). A Will merely allows you to specify who you want your assets to go to. Transferring assets (like your home) into a Trust allows the assets to pass efficiently outside of the probate process. The Trust will continue after death and the Trustee is tasked with managing the Trust and/or distributing the assets in accordance with our wishes.
These are just a few reasons why someone might need an Estate Plan.
Contact Attorney Tracy A. Loignon today to find out why an estate plan is important for YOU.