While many people assume that estate planning is only for the wealthy, the truth is that almost everyone should have an estate plan. Estate planning consists of more than simply transferring assets at death. It also encompasses planning for incapacity, healthcare decisions and guardianship of minor children. As such, even young parents with limited assets should consider creating an estate plan.
At a minimum, every estate plan should have a Durable Power of Attorney, an Advanced Healthcare Directive and a Will which will document your answers to the following fundamental questions:
- Whom do you want handling your financial affairs if you’re ever incapacitated?
- Whom do you want making medical decisions for you if you become unable to make them for yourself?
- Whom do you want to inherit your assets at your death?
- Whom do you want to take care of your minor children in the event you are deceased?
In order for estate planning documents to be enforceable, it is important that certain formalities are met. An experienced attorney can advise you regarding your plan and the formalities necessary to enforce your plan. It is also important that any estate plan be reviewed regularly to ensure that the plan contemplates the current circumstances of the parties. If you would like to discuss creating or amending an estate plan, call us for a free consultation.