Estate planning may seem like a morbid topic better left for another time. In all actuality, estate planning provides you the opportunity to plan ahead, prepare family members for the future, and be involved in how matters are handled after you are gone. The process of determining what will happen in the future can provide you and your family with peace of mind and also allow you to focus on the time between now and then.
Make a Will
A will is a basic yet integral part of estate planning. Without a will, your children, your property, and your finances may be subject to what the state deems appropriate following your death. If you have any kind of preference of who would be the guardian of your children and which property would go to which family member, then creating a will is instrumental in avoiding the complication of state involvement. The person you name executor of the will can make sure that the terms of the document are carried out. Things to consider:
- What property to include
- Property distribution
- Alternate beneficiaries
- The children’s guardian
- The will’s executor
Establish a Power of Attorney
A power of attorney allows you to designate an agent to speak and act on your behalf in the event that you are alive but can no longer speak for yourself. Depending on your specific needs, this can mean that someone will be responsible for making legal decisions that affect your medical care and finances. Ultimately, a power of attorney ensures that your wishes will be honored no matter what happens. When outlining the terms of a power of attorney, spend time thinking about:
- Life-saving efforts, such as CPR or artificial feeding
- Medical interventions to allow and which to decline
- Who is a trustworthy choice for making your legal, medical, and financial decisions
- Should this involve one person, or should health decisions be made by one agent and financial decisions by another?
Name a Beneficiary
Naming a beneficiary to handle your retirement funds and other bank accounts can simplify a process that can easily become complicated. The funds are usually made available to the beneficiary upon your death. In most cases, you can avoid unnecessary probate processes by assigning a beneficiary.
The Bottom Line
Estate planning can be simple or complicated. It depends on your specific circumstances. Andrew M. Lamkin has experience in estate planning and can answer questions and offer guidance on creating an estate plan that best fits your individual needs. Mr. Lamkin can be reached through a phone call or our contact form. He can be trusted to prepare your estate plan with skill, experience, and compassion. Call Andrew M. Lamkin to start your estate planning or fill out our online contact form. Once it is taken care of, you can focus on more important matters like spending time with your family.