How Do I Know If I Need an Estate Plan?

Many folks take life one day at a time, which is fine. Some of us don’t think that anything bad will happen to us, and if it does, well, we’ll deal with it then. No reason to invite trouble, right? But would you feel better if you had a plan in place if something unplanned happened to you?

We aren’t trying to worry anyone, but with proper planning, you can set into place the answers to the questions that could be asked of your family if you were not able to make decisions on your own behalf or were no longer around.

Here’s a list of questions for you to consider:  

• Do you know who will make healthcare decisions for you if you cannot?
• Who will pay your bills, including your mortgage, if you were in the hospital?
• Do you know where your property will go if you die?  Who will inherit your possessions?
• Who will raise your children if you are unable to do so?
• Do you know who will get custody of your children if you die? And would you want to choose who that person would be?
• Do your doctors and your family know what your personal wishes are with regard to end of life decisions?
• Do you know what your loved ones would be required to do, and how much it might cost, if you pass away with no estate plan?

If you cannot answer even a couple of these questions, it might be time to think about an estate plan.

Here is the good news: If you have a will or trust in place, your wishes will be honored about to whom your property will be distributed. And if you have minor children, you will have named and authorized in your will or trust the person or persons who you want to raise your kids if you were not around. If you have a durable medical power of attorney completed, a ’health care agent’ of your choosing will determine your medical care if you were incapacitated, and that might not be a family member, but a trusted friend; it will be your choice.

Additionally, if you have a durable financial power of attorney in place, your ‘attorney in fact’ can pay your bills, keep your rent or mortgage current and help you manage your financial matters while you are unable to do so. Finally, with an estate plan in place, your family, friends and loved ones will not be guessing what you would have wanted ~ they will know exactly . . . because you put it into writing in these legal documents.

The peace of mind you will gain by having plans in place is priceless. These questions will have your answers. Let us know how we can help you work through these questions and provide solutions that you can trust. Call (303) 622-5502 or contact us online to learn about our estate planning services.