Estate Planning Fundamentals: How to Plan for Financial Needs.
An important part – but not the only part! – of what your estate plan should address is who will handle your property and finances if you can’t, not only if you die, but also if you are hospitalized for an extended period of time. To do this, you need at least two documents.
The first is a will. A will has a very limited purpose: to instruct who gets what among the stuff that you owned alone and which didn’t have any designated beneficiary instructions attached at the time of your death.
A will is a good start, but there are plenty of situations that can arise in which you would need someone else to manage your property for you even though you are still alive. A will has no legal effect until you die, and the court process that someone would need to go through to get authority to manage your property while you’re incapacitated is extremely burdensome, invasive, and expensive. And so for those other situations, you need a power of attorney, and maybe a trust.
To ensure that you are protected whatever may come, please give us a call.