03/28/2023
Do you know what estate planning entails and how it can protect your assets from entering unintended hands and your loved ones from unnecessary stress during an already painful time?
Never fear! I’m here to give you the scoop, quickly and simply.
An estate plan essentially outlines who gets your stuff (your house, personal possessions, money, etc.) when you pass away and also allows you to plan for future medical care if you become unable to communicate your wishes regarding your care.
I know the younger folks are probably thinking this information isn't relevant to you because you think you’re not at the point of needing an estate plan, right? WRONG! I hate to be the bearer of bad news, but tragedy can strike at ANY AGE. And the most responsible thing you can do for yourself and your loved ones is to BE PREPARED. You purchase renter's or car insurance to protect your property in case of an event that may or may not happen, right? Well, the difference between insurance and an estate plan is that at some point your plan will be necessary for your loved ones to be able to carry out your wishes.
Now that we know what an estate plan is, let’s talk about what’s typically included.
Typically, you’ll find the following in an estate plan:
- Will or trust
- Living Will
- Power of Attorney
- Guardianship designations
- Beneficiary designations
The benefit of these documents is that you maintain control of really important decisions regarding your property, children and healthcare, instead of giving that power over to the court.
It’s never too early to start planning. As a matter of fact, the earlier the better. Plan when your situation is the least complex and update it as your circumstances change.
And if you’re wondering what circumstances warrant the need for an estate plan, I’ll fill you in!
You’ll want to consider planning when you purchase real estate, get married or divorced, have children, or start a business.
Whether you are thinking about estate planning, ready to establish one document or a full plan, want to review or simply update a plan that was previously drafted, Fort Law Firm is ready to assist you.
Contact us at [email protected] or by phone (225.955.4830) to schedule a consultation.