It is possible for anyone to become incapacitated or die prematurely. Estate planning in advance can help you and your family.
Live long enough, and you learn that death can strike in a heartbeat. The healthiest person can become incapacitated. It’s not pleasant to think about, but the reality is, having an estate plan in place is the wise way to go, according to The Arizona Jewish Post in “Estate planning and elder law benefit all ages.”
Estate planning and elder law attorneys say that everyone needs these three documents—a will, a health care power of attorney, and a financial power of attorney.
A will. If you die with no will, state law has a pecking order as to who will inherit your assets, starting with your spouse and children. A will must be executed and witnessed appropriately to be valid.
Your will should name a personal representative, otherwise known as an executor. This should be done far ahead of time to be certain that they are willing and able to undertake the task. Let this person know the location of a copy of your will.
A living will details your end-of-life choices. Without authorized directions, your family may not be able to make the decisions you’d want. A living will can also include funeral wishes.
A medical power of attorney gives the individual you select, the authority to make health care decisions for you, if you’re incapacitated.
A financial power of attorney lets your appointed agent make financial decisions, pay your bills, and take charge of your bank accounts if you’re unable to do so.
A revocable living trust is a document that lets you assemble all of your assets in one place. The assets must be retitled to the trust, not to you as an individual. A trust can help with out-of-state real property or leaving money to a child with special needs who is receiving means-tested government benefits. When you die, the assets in the trust aren’t subject to probate, and are distributed as you instructed in the trust.
An experienced estate attorney will take you through all of the steps to analyze your situation, review assets, family relationships and all of the information needed to create an estate plan that will give you peace of mind and protect your family.
Reference: Arizona Jewish Post (December 2, 2016) “Estate planning and elder law benefit all ages”