4 Tips for Estate Planning If You Worry About a Child Struggling With Addiction or Gambling
These are uncertain times. Make sure you have a plan.
Basic estate planning includes a will, durable power of attorney, and health care proxy. Some clients seek additional planning including trusts and life estate deeds. We are here to make the best recommendation for you.
What is a will?
A will is a legal document that provides instructions to be carried out after your death. In a will, you need to decide who should receive your assets when you die. You also nominate a Personal Representative, who serves as the manager of your estate. He/she will pay your debts and distribute your assets according to your wishes. If you have minor children, you will nominate a guardian, to be responsible for your children in case you die before they turn 18.
What is a Health Care Proxy?
A Health Care Proxy allows you to designate someone to make medical decisions for you in the event that you can no longer make decisions for yourself. Executing a Health Care Proxy allows you to decide who will make these critical decisions. Without a Health Care Proxy, your loved one's may have to go to court to obtain a guardianship if you become incapacitated.
What is a Power or Attorney?
A Power of Attorney allows you to designate someone to handle your financial affairs. This will be critical if you are ever in a situation where you can no longer manage your own finances. It is important to choose someone you trust and is also a responsible person.
When would I need a trust?
Trusts give you greater control over your assets during your life and after your death. A Trust should be considered if
Your estate exceeds $1 million dollars.
You wish to include any person with a disability in your estate plan
You own property in more than one state.
You wish to include minor children in your estate plan.
You are in a second marriage, with children from a prior marriage.
You want to keep your affairs private.
You want to avoid probate.
You want to retain greater control over your assets, even after your death.
Planning for Solo Seniors
Solo seniors shouldn’t wait until they need more care. Planning should happen now while you are still independent, so that your wishes will be honored and you can look forward to your future without fear. We can help you devise a plan so that you won't be in fear of the future. Visit our Aging Allies Program page to find out more.
Planning for Young Families
We will help you take steps to ensure that your children will be protected, in the event something unforeseen happens to you before they are grown. As parents of young children ourselves, we understand how busy your life is. We strive to make the process as efficient and as affordable as possible.