When life throws unexpected events at you, "winging it" is never the best option. We all know that unexpected events (such as the disaster and catastrophe in Nepal) cause us to immediately think of our loved ones and reach out to those around us. If you are prepared, you will spend less time worrying and wondering about your loved ones, and more time helping those around you.One way to prepare for unexpected events is through a proper Estate Plan. Not having a proper estate plan is, in essence, winging it. When unexpected events occur, you want to be prepared and provide for your loved ones. With a proper estate plan, you can be assured that no matter what happens, your family members are taken care of. Below is a list of five key pieces of your estate plan to have ready in the case of any life event.
1) Living Will and Durable Power of Attorney - these allow your loved ones to make decisions for you in the case that you become incapacitated.
2) Will - you need a detailed will, outlining clear instructions for how to divide your assets.
3)Guardianship Documentation - make sure your minor children are given the care they need.
4)Asset Protection - you have worked your whole life to acquire assets. Properly protect your assets.
5)Trusts - if you want to pass along values, in addition to wealth, you will need a trust. Proper trust documentation and discussion avoids the need to use probate when you pass away.You can't often predict what will happen in your life.
We strongly recommend you take the time to sit down with your loved ones and determine what your estate plan is. Then, come visit us, and we can help you provide the best estate plan possible. We understand that estate plan conversations can often be difficult and uncomfortable, but they don't have to be. Plan now to live a long and healthy life, and make sure that your loved ones' needs are met both now and when you are gone. We can help you ask all of the right questions and consider everything you need to be adequately prepared.