Estate planning today is not exclusively for the wealthy or those with families. It is about life planning as much as it is being prepared in case of one’s unexpected death. What would happen if you became disabled or incapacitated, today?
Unlike married people, unmarried couples and friends generally have no right to know if you are even ok and cannot make medical or financial decisions on your behalf without signed authorization. If you are unprepared with your planning, a judge may give one of your distant relatives or a court-appointed stranger the authority to pay your bills, manage your finances and make important mental and physical health decisions on your behalf. And just like you would want someone you trusted to care for your child, the same likely holds true for your pet. Without money set aside to take care of your beloved dog or cat, the person you might have even chosen, may not have the necessary resources without your help.
Although, you may want to avoid making the choice yourself, without the proper planning you are leaving your family and loved ones to make the ultimate horrible decision on what to do if you are permanently in a vegetative state. This frequently results in fighting, blame and guilt between and among the people you love most.
Everybody has possessions and assets. Most people do not even think about their social media accounts such as Facebook, Twitter, Instagram, PayPal and iTunes as assets, but they are. To ensure your assets wind up with the relatives, loved ones and charitable organizations you want, you need to create a will and or trust that specifically designates to whom you choose to have your assets. If you fail to do this essential planning, the court will distribute your assets and belongings “intestate” or along your bloodline.
Contact us today and set up a free consultation to discuss all the issues you need to be aware of and how we can help ensure that you are properly prepared for whatever life throws your way.