Proactive Estate Planning Brings Peace of Mind
What happens to your estate and loved ones if something happens to you? We tend to put off addressing this question until a major life event forces our hand: an unexpected death, marriage or remarriage, having a baby, the arrival of your first grandchild, or relocating a loved one into a nursing home. The absence of a sound, up-to-date estate plan in these situations can add unnecessary stress to you and your family and put you at risk of losing control over your hard earned wealth.
Every estate should consist of a living will, a durable power of attorney, a testament, and in certain cases, a trust. A living will creates clear direction for your family and doctors regarding prolonged artificial support. A power of attorney allows you to appoint an agent to act on your behalf if you are incapacitated. A last will and testament dictates to whom you gift your possessions and wealth after your death. Certain key facts warrant creating a trust: a child with special needs who receives government benefits, a spendthrift child, owning property in another state, or providing for grandchildren.
We will explore these documents and other important estate planning considerations in upcoming posts. Until then, we at Gallagher, Westholz & Potter encourage you to be proactive about your estate plan so you and your loved ones can enjoy life. If you have any questions, click TAKE THE NEXT STEP in the sidebar to get in touch.