Many people think they don’t need an estate plan because they are not wealthy. The reality is that almost everyone can benefit from a well-drafted estate plan.
Over one-half of adults in the United States do not have any estate planning documents. This is problematic for the individual’s family and for their own wishes in the event of incapacity.
Estate planning help individuals create important financial powers of attorney and medical powers of attorney to plan for their future. These are essential documents to protect their interests.
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Financial powers of attorney allow individuals to appoint someone to make their financial and property decisions on their behalf, should they be unable to handle their own affairs.
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A medical power of attorney designates an individual to make medical decisions on your behalf in the event you cannot speak for yourself. You can also make a plan for end-of-life care.
Drafting these documents while you are healthy allows you to pick people who you know would act in your best interest. Appointing one person also protects your family members from potential disputes in the event they disagree on your care.
Estate planning also allows you to appoint guardians for minor children and even appoint someone to care for your pets.
A well-drafted estate plan protects your assets, such as a home, insurance policies, or a bank account. You can also create a personal property memorandum to pass personal items to loved ones.
Finally, even if you don’t have much money, estate planning allows you to protect what you do have and pass it to those who you want to have your property without the state stepping in and deciding for you.
Source: Rickard & Associates, one of TPA's Affiliate Partners, offers legal services to help with a myriad of business services. Learn more about TPA's preferred rate and how Rickard & Associates can assist your practice.
