By Erin M. Idler, Attorney & Mediator
Planning for death or disability too often a topic people avoid. It is important to plan ahead and legally protect your loved ones from a legacy of conflict and court cost.
We are available to prepare Estate Plans, including Wills, Trusts and Powers of Attorney for Healthcare and Finances. Here are 4 key considerations for estate planning as you think about creating or updating an estate plan:
1. Estate Planning is Even Important While You are Young
Creating a plan is just as important for young people as it is for older people. As you get married or look to begin a family, it becomes crucial to plan for the future early before life gets in the way. Tools such as Wills, Trusts, and Powers of Attorney are critical to having things in place for your family, ensuring they are taken care of as best as possible.
2. Your Wishes Must be in Writing to be Fulfilled
Situations will vary, ranging from nominating a guardian for minor children to trusting a friend or family member to make decisions when you cannot. However, relying on informal discussions often leads to uncertainty and can result in unnecessary confusion and conflict – or no enforceable plan at all.
Working with a trusted and experienced estate planning attorney to guide you in creating a clear legal plan will assure your wishes are implemented.
3. Proper Estate Planning Saves Time and Money
Advance planning with Powers of Attorney and Trust or Titling documents avoids the need for costly guardianships, time-consuming and expensive probate court actions, and confusion in a crisis. Creating a plan now provides clarity to those carrying out your wishes and avoids legal conflict.
4. You Should Review and Change Your Plan as Needed
Creating a plan now does not mean that you will continue with the same decisions for the rest of your life. We recommend updating an estate plan anytime you experience a major life change, such as marriage, having children, or a major financial change. Divorce is also an event that requires a new estate plan; more information can be found here: “Filing for Divorce: Do I Need a New Estate Plan?”