Nobody wants to talk about their potential demise. But it is a necessary process. I make estate planning as painless as possible and will explain the entire process in easy to understand language without judgment. My job is to help you create documents that will take care of your needs and to give you peace of mind.
An estate plan is necessary for everyone, regardless of income or assets to minimize costs, confusion, and stress for loved ones after a death. Your estate plan should contain the following:
1. Last Will. While everyone should have a will, this is just one of the fundamental building blocks of a complete estate plan. In your will, you will direct who receives your property and assets. This is also where parents with minor children appoint a guardian in case both parents die while the children are minors.
2. Living Trust. A living trust, like a will, can dispose of your property upon death. But unlike a will, a trust can help avoid probate. Why avoid probate? Doing so reduces costs, transfers assets in a more timely manner, and keeps your affairs private. A living trust is particularly beneficial for those with minor children, out-of-state assets, or blended families.
3. Durable Power of Attorney. A durable power of attorney allows someone else to make financial and legal decisions if a person becomes hospitalized, disabled, or otherwise incapacitated.
4. Healthcare Power of Attorney and Living Will. These two documents work together to give a loved one the power to make medical decisions if you are unable to do so yourself. You give your agent specific directions and instructions about your medical wishes. The difference between the two is that a living will involves end of life decisions only.
4. Updated beneficiary forms. Beneficiary designation forms on life insurance policies, 401(k) accounts and other assets will generally override any conflicting provisions in a will or trust. It is essential to make sure all beneficiary designation forms are checked and regularly updated.
Please call me at 513-815-7006 or email me at mccarthy@danmccarthylaw.com so I can help your family.
