Did you know that August is National Make-A-Will Month?
As children start returning to school, it’s time for parents, grandparents, and others to make sure those children are protected in the event something happens to you. This means you should take some time to either have a will and trust prepared for you (an estate plan) or review your current estate plan to make sure it still reflects your wishes.
An estate plan is a financial plan to protect your assets which helps attain your lifetime objectives. An estate plan can:
- provide powers of attorney for property and health care in case you are unable to manage your own affairs.
- ensure that your assets are distributed upon your death to your beneficiaries and charitable organizations according to your wishes.
- provide for a guardian for your minor children upon your death.
- help avoid the probate process and court interference associated with settling your estate especially if you own property in more than one state; and
- help minimize and/or eliminate estate taxes, if possible.
We recommend four basic documents to reach these objectives in estate planning:
- Power of Attorney for Healthcare,
- Power of Attorney for Property,
- Will, and
- Revocable Trust.
Although not all of these documents will be necessary for everyone, we can either meet with you in person, or communicate via phone, Zoom or email in order to gather the necessary information that we need to tailor your estate plan to your needs.
Whether you’ve been too busy or simply don’t know how, hopefully August will motivate you to start your estate plan.
For additional information about the content in this post or assistance with any questions about the topic of this post, the attorneys at Boodell & Domanskis are ready to help you. Contact us.
