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Estate planning is critical for anyone who wants to help ensure their wishes are respected in the event of temporary incapacitation or upon their death. Despite the important role estate planning plays in our lives, did you know less than 50% of Americans have an estate plan in place? This is a terrifying statistic when we know just how important making a plan is for your future, especially during the Covid-19 pandemic.
None of us know what tomorrow might bring and having an estate plan that you develop with your estate planning attorney can provide security. Do you already have a plan in place? Don’t forget you may need to update it. In fact, when you regularly update what you have put in place with your attorney you can help ensure that security will continue.
Did you know that Estate Planning Awareness Week is formally recognized in October? Let us share three tips you need to be protected in your estate planning during this national Estate Planning Awareness Week.
Tip 1. Your circumstances can make your estate planning more complex. Factors such as your:
• Age
• Marital status
• Children
• Health
• Work status
need to be discussed with your estate planning attorney to ensure your estate plan can protect you. Unfortunately, there are many organizations out there who will tell you that there is a “one size fits all'' approach to estate planning that will work for everyone. This is not the case. Be sure to discuss your unique circumstances with your estate planning attorney.
Tip 2. Know what you want to protect. For most Americans, simply having a written last will and testament can go a long way to protecting the future they want for themselves and their loved ones. While writing a will is often the first step, it may not be enough. What do you want to protect? What are your goals? Do you want to create a legacy that will outlive you? When you start with what you want to protect you can dive into what matters most to you and how an estate planning attorney can help you reach your goals.
Tip 3. Don’t forget about life time protections. While it is important to determine how you want to divide your eventual estate, you also need to consider life time protections as well. Estate planning documents, called advance directives, such as a power of attorney can give someone else the legal authority to make financial or legal decisions on your behalf. When it is made durable, this document can survive in the event you become incapacitated. Then, the person you choose to give this authority to can act as you would in the event of a crisis.
We know this blog may raise more questions than it answers. During Estate Planning Awareness Week this October, and any time throughout the year, let us help you learn more about the importance of estate planning and the steps you need to take in order to establish a strong estate plan. For more information, please reach out to our office and schedule a time to meet.