There are many preconceived notions about estate planning that aren’t necessarily correct. One of those notions is that only wealthy people need to plan their estates. However, estate planning isn’t just beneficial for people who are wealthy. In addition, as long as an individual has some assets as well as affairs that need to be taken care of, an estate plan is the best option.
One of the basic documents an individual will find in an estate plan is a last will and testament. This document states the wishes of the decedent in terms of their property and other assets and how they will be disseminated after their death. This is also a very important document to keep up to date should an individual’s wishes change over the years.
In addition to a last will and testament, a living will is also an important part of estate planning. This document, drafted by an individual and their Estate Planning Lawyer, will clearly define an individual’s medical wishes should they be incapacitated by a terminal illness or find themselves in an unconscious or vegetative state.
In concert with a living will, an estate plan can also designate a medical surrogate. This can be a family member, such as spouse, a sibling or, in some cases, a close friend who can make medical decisions on the individual’s behalf. This is beneficial should someone become incapacitated to the point they can’t handle these types of affairs.
Lastly, a basic tenant of estate planning is designating someone to have power of attorney. If an individual has become incapacitated, the person who has power of attorney can handle medical, financial, and business decisions.
The importance of consulting an Estate Planning Lawyer in these matters is vital. The reason is these estate plans can encompass a wide variety of situations. They can help prepare for some of the difficult decisions that may have to be made when the individual dies or they become incapable of handling their own affairs.
Should you want to plan for every possible scenario, whether you pass away or become incapable of handling your personal, financial, and business affairs, a consultation with Robert S. Cutrona Esq. may be in order. The plans you make today can benefit you and your family in the future.