VanAntwerp Attorneys, LLP
Phone: 606-618-0698

Resolve to complete your estate planning

You may have thought about elements of estate planning in the past year, perhaps after you filed IRA paperwork or received a new life insurance benefit at work, but those thoughts probably got pushed aside by the events of the day.

Estate planning can be intimidating because, in our busy lives, it seems like a huge task to grapple that will take lots of time to accomplish. However, with expert advice, estate planning can be relatively straightforward. There are several reasons that you should resolve to complete your estate planning this year.

Guardianship Designation

If you had a child in the past year, does he or she have a guardianship designation included in your estate plan? Young parents usually do not think of completing an estate plan, but it is of extreme importance.

In the absence of an estate plan with a guardian designation, the court may decide who the guardian of your children will be if you and your spouse are deceased or otherwise unable to care for them. If you are a grandparent, ask your children if your grandkids have guardians appointed in the event that both parents are unable to care for them.

Trusts For Special Needs

A special needs or supplemental trust arranges for assets to supplement the beneficiary's care without affecting eligibility for state and federal aid programs. Since aid programs will not cover all of your loved one's needs, it is imperative to plan for your special needs child's ongoing welfare after you die.

Financial

More than just administering assets at your death, you can add a designation in your estate plan for an individual or financial professional that will administer your economic responsibilities in the event you are unable to do so. This includes overseeing assets as well as the timely payment of bills.

Medical Care

By designating a medical power of attorney, called a health care agent, you will choose someone who will make medical decisions for you in the event you are unable to do so. When you include a living will as part of your estate plan, your health care agent, can use it as a resource to make sure that your end-of-life wishes are carried out about the type of care you want to receive.

Asset Preservation

When you prepare your estate plan with legal estate planning counsel, you can be assured of optimizing your asset preservation and creating a legacy for your loved ones. An estate plan is a gift to your survivors that does not leave its disbursement to chance.

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