When do I need estate planning? Now!
You may have heard the Chinese proverb, “The best time to plant a tree was 20 years ago. The second best time is now.” This also applies to estate planning. The best time to create your estate plan was years ago. The second best time is now.
Everyone can benefit from having an estate plan. A properly done estate plan can protect you, your family, and your hard-earned assets should you become incapacitated or pass away.
Incapacitation
Most people think of an estate plan in the context of a will or trust, which direct your assets after your passing. However, equally (and sometimes more) important are documents such as a power of attorney or healthcare surrogate.
A power of attorney allows a trusted friend or family member to make financial and other decisions on your behalf, should you be unable to. This can be critical to ensuring your bills are paid if you are incapacitated.
A healthcare surrogate allows a trusted family member or friend to make healthcare decisions on your behalf. This can be critical if you are in a hospital setting and are unable to make decisions for yourself.
In the absence of either of those documents, there is no guarantee your wishes will be met. A court may appoint someone to act in your stead. A family member other than the one you want may make healthcare-related decisions on your behalf.
When Do I Need Estate Planning?
Having an estate plan is crucial for all adults. The best time to draft one was years ago. The second best time is now. Contact a local estate planning attorney today.