Whether or not you have a written estate plan, you do have an estate plan. The laws of the state in which you reside will make decisions about your estate if you do not have a written plan.
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If you don’t have a written estate plan, it is essential to know what the intestacy laws of your state are so that you know what will happen to your assets if you die.
Most people prefer to make their own choices about their assets than let the state decide for them.
Why should you have a written estate plan?
Even if you do not have significant assets, you might want documents in place to protect your wishes, in the event you are incapacitated.
Medical Powers of Attorney will allow you to select the person you want to make decisions on your behalf if you need medical care, but are not competent.
Financial Powers of Attorney allow you to select the person who can make financial decisions on your behalf, if you are incapacitated.
If you have minor children, we recommend having a written estate plan that dictates who will care for your children if something should happen to you.
Drafting these documents while you are healthy allows you to pick people who you know would act in your best interest. Appointing one person also protects your family members from potential disputes, in the event they disagree on your medical care, finances, or children.
Estate planning also allows an opportunity to memorialize your wishes for end of life care.
A well-drafted estate plan also protects the assets that you do have, such as a home, insurance policies, or a bank account. Many people have more significant assets than they realize.
You can also create a personal property memorandum to pass certain personal items to loved ones.
We help our clients pick the estate plan that works best for them, given their assets, concerns and interests. Having a written estate plan in place can help your loved ones avoid going through probate.
Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.
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