If no one cared about their loved ones, I’d be out of a job. Who needs an estate planning attorney if you don’t want to protect your spouse, your siblings, your children, your parents, or your pets? Ok, technically, some individuals have none of the above, and they still need my services to ensure their assets are distributed for business or financial reasons. But most, the overwhelming majority, tap my services because they truly care about their loved ones. From making sure heirs have all the information needed once a loved one has died to helping them avoid complex and potentially costly scenarios involving probate or family disputes – that’s what estate planning is all about.
Since February is the “love month,” let’s take a minute to review the minimum that every person with loved ones should have in place – just in case.
- A will. This lets you decide who gets your assets, name an executor to handle your estate, and name a guardian for minor children. If you die without a will (called dying intestate), the state steps in and makes the above decisions on your behalf. You don’t want that – do you?
- POA (Power of Attorney) for your finances. You select someone you trust to handle bills, banking, and legal matters if you are unable to do so for whatever reason.
- Medical directives provide the authority to an individual of your choosing to make medical decisions on your behalf if you are unable to, such as in a coma from an auto accident. Some medical providers have become very strict about not taking direction from anyone, even a close relative, without this document on file.
- Living will. A living will is your opportunity to make it very clear how you want things to go if something happens to you and there is essentially no hope of recovery. The medical community has sworn to preserve life for as long as possible, which is admirable, but it can become a costly burden on your loved ones. The document allows you to communicate your wishes related to artificial life support measures, if you want them or not. There have been many cases where an individual’s life savings have been drained paying for these measures.
- A trust. A trust that helps your heirs avoid probate can help manage money for kids or dependents, protect assets from misuse, and more.
- Updated beneficiaries. If you have life insurance policies, retirement accounts such as a 401 (k) or IRA, and payable-on-death bank accounts, you have already provided the beneficiary information for each. You need to review those periodically to ensure they are still the right individuals.
If you have loved ones, related to you or not, and you haven’t set up your estate plan with the basics above, I encourage you to do so. It is the loving thing to do, and your loved ones will appreciate your efforts. And you’ll have peace of mind that you’ve done what you can to protect not only your assets but your loved ones. It’s February … show them how much you love them by taking the next step – call me at 513-399-7526 or visit my website www.davidlefton.com to schedule a meeting.