Estate Planning Is For Everyone
Why do I need a will?
Control of Your Assets: A will can provide control over the timing, nature, and conditions on the distribution of assets. Without a will, an estate will be divided under default state laws, with no control over the distributions. Without a will, state laws divide a person’s property between their spouse, living children and/or parents. Minor children could receive a total share equal to, or in some cases greater, than the share provided to a person’s surviving spouse. Very few people would choose this arrangement. A well-reasoned estate plan can distribute the property in the manner, time and under the conditions chosen by the client.
Naming a Guardian: Parents of young children have a special responsibility to plan for life’s uncertainties. Nominating a guardian for minor children is one of the most important functions of a will. Without a will, a Court will be forced to make this important decision without the input of the parents. Parents can reduce the risk of a conflict over guardianship and avoid an unsuitable guardian by nominating a guardian in their wills.
Professional Management Under Trusts: Wills can create trusts tailored to meet the needs of each individual family. A will can nominate institutional trustees with expertise in financial management to oversee the trust property and manage trust property in the best interests of the beneficiaries.
What about my health care?
A Health Care Power of Attorney: A thorough estate plan helps you make medical decisions in advance of adverse developments in your health. You can draft a health care power of attorney to nominate a person to speak for you if you ever lose the ability to make your own health care decision. A health care power of attorney can minimize the potential for a conflict over your medical care.
A Living Will: A living will (also known as a declaration for a desire for a natural death) serves as a record of a person’s decisions about accepting or refusing life-sustaining procedures after they have been diagnosed with a terminal and incurable condition or are in a persistent vegetative state. A living will allows a person to clearly state their decisions on these important issues.
Powers of Attorney: Many people mistakenly believe that all powers of attorney are created equal. A properly drafted power of attorney can enable another person to act for you in the management of your assets when you are unable to do so. Do not wait until it is too late to learn if your power of attorney will meet your needs.
When should I review my estate plan?
You Should Review your Estate Plan After Any Major Life Event, Including:
· The birth or adoption of a child,
· Marriage, separation or divorce,
· After a major change in your finances,
· Relocating from another state,
· A change in the needs of your heirs (education, health care, etc.),
What about Trusts?
There is a fair amount of discussion about trust planning in national publications. Trusts can be valuable estate planning tools to manage property, exercise control and minimize probate expenses. The need for a trust can depend on your individual situation, and not everyone will require a trust to meet their estate planning goals.
Where can I learn more?
Remember, to take no action is an action.
Contact Jay Hemphill with Ragsdale Liggett PLLC at (919) 881-2236 to review your existing estate plan or to create a plan to meet your goals and needs.
