For many, estate planning conjures up images of mansions and millionaires. A popular misconception is that estate planning and a living trust is only for the very rich. Nothing could be further from the truth. Every family can benefit from estate planning documents.
It is important to note that estate planning documents can addresses what happens after you die, and also what happens before you die.
Each family is unique. Estate planning documents such as a Will, Living Trust, Powers of Attorney and a Living Will can be used to create a comprehensive estate plan.
Your home is your Castle
Often, the family home is the biggest and most important asset we own. Estate planning documents can allow your home to pass directly to your heirs, avoid disputes and confusion, and make it possible to sell your home should you become incapacitated.
Live long and prosper
Everyone wants to live a long and healthy life and modern medicine is making it possible for us to outlive past generations. Diminished mental and/or physical capacity may result in circumstances that require a chosen agent to act on our behalf. Estate planning documents, such as Powers of Attorney, can allow you to select your agent in advance of incapacity. Essentially, estate planning allows you to make your own decisions before your kids or spouse has to make them for you.
Always be prepared
Pending surgery, an accident, or unexpected sickness may render us incapacitated for a short period of time. Having documents in place that assign a trusted individual to speak and/or act on our behalf during the time we are unable to speak for ourselves can be invaluable. Being prepared and having a plan in place can avoid confusion and delay in a time of crisis.
Stay in Control
A Living Will details your wishes for end-of-life care. Without the proper documents in place, hospitals and emergency personal will make decisions regarding end-of-life care on your behalf. Clearly details what you do and do not want gives medical professionals and family a clear plan to follow.
Planning is a kindness
Putting estate planning in place takes the burden off of friends and family. Having a plan in place can be one of the kindest things you can do for your loved ones. Without a plan, family and friends are forced into positions that require them to make difficult decisions and choices on your behalf. Without a plan, probate may also be necessary, and can be a stressful and lengthy process.
It is easy to see why estate planning is something every family should consider. Estate planning should be tailored to fit your family’s individual needs and concerns. At Spirit West we take the time to listen to you and provide you with estate planning document options that may work for your unique family situation.
We offer a complimentary 45 min consultation, which is a great way to get the conversation started.
