Whether you have a written estate plan or not, you do have an inheritance plan. The laws of the state where you live will make decisions about your estate if you don’t have a written plan.
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If you don’t have a written inheritance plan, it’s important to know what your state’s intestation laws are so you know what will happen to your assets if you die.
Most people would rather make their own choices about their assets than let the state decide them.
Why should you have a written inheritance plan?
Even if you don’t own significant assets, you may want documents available to protect your wishes, should you be unable to.
Medical Power of Attorney will allow you to choose the person you want to make decisions on your behalf if you need medical care, but are incompetent.
Financial Power of Attorney allows you to select someone who can make financial decisions on your behalf, if you are unable to.
If you have minor children, we recommend having a written inheritance plan that defines who will take care of your children if something happens to you.
Compiling these documents while you are well allows you to choose people who you know will act in your best interests. Appointing one person also protects your family members from possible disagreements, if they disagree with your medical, financial or child care.
Estate planning also allows for the opportunity to memorialize your wishes for end-of-life care.
A well-designed housing plan also protects the assets you own, such as a house, insurance policy, or bank account. Many people have more significant assets than they realize.
You can also create a personal property memorandum to give certain personal items to loved ones.
We help our clients choose the most suitable housing plan for them, based on their assets, concerns and interests. Having a written estate plan in place can help your loved one avoid going through probate.
Contact us today to help you get the right paperwork or to update your current property package. We will plan so you don’t have to worry about your future.
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