Life has changed very rapidly for America over the last couple of months. Many have been affected: illness in family, loss of family members, loss of work, and almost every other facet of our lives.
Having an estate plan is a safety net for your family. Protect yourself, your family, and your finances by preparing an estate plan.
Having a will ensures that your property is given to your family in a manner that you wish and may have discussed with your family. It allows you to leave property to persons other than your spouse or children, name a personal guardian for minor children, and to name an executor, someone you trust, to ensure that your will is carried out according to the terms you decided upon in your will.
Additionally, an experienced attorney can help you evaluate what tools are best for you to plan for your future. Some individuals could benefit from having a trust set up to provide for their children if the unthinkable happens, and other individuals only need a will. Evaluating what estate planning techniques are right for you is imperative to being ready for anything the world can throw at you now.
I’m young and healthy, I’m not concerned about falling ill with a severe case of COVID. Is there anything else I should have that isn’t a will?
If you are young, unmarried, and do not have children, having a durable power of attorney over your person and your finances can be a valuable tool to have if you do become unexpectedly ill.
A durable healthcare power of attorney allows for another person to be able to make medical decisions on your behalf, and bypasses needing to have the decision maker be next of kin. In a crisis situation, this paperwork can be invaluable to assist the hospital in providing you with lifesaving care.
The same is true with a durable general power of attorney. This gives power to an individual that isn’t you to control your finances. They would have power to work with banks to gain access to funds if necessary, and would have power to make decisions about any investments you may have. If you are incapacitated, there are situations where having an individual with these powers is invaluable.
However, it is very important that you carefully consider who you allow to have these powers over your life, and that you trust them implicitly. An attorney can help evaluate your options when determining what your best options are.
I’m worried about the future but don’t know where to start.
Call Parks and Meade at 614-389-1038, Attorney Kelly Parks has nearly 10 years of experience in estate planning and can help you evaluate your options and guide you into picking the best estate plan for you. Call today for your free consultation.