If you are like most people, you probably think that estate planning is about deciding what happens to your assets when you die. But your estate plan also includes parts that protect you and your loved ones during your lifetime.
When to Create an Estate Plan
Medical emergencies and accidents do not offer warnings. Anyone can encounter them at any time. Whether you experience a medical experience, sustain injuries in an accident, or suffer from a sudden severe illness, your loved ones will face difficulties. These difficulties include making decisions on your medical and personal care. Also, it is important to determine who manages your finances and makes financial decisions.
Thankfully, probate estate administration can address such concerns. If you have an estate plan in place, you have legal documents to address possible future problems that can disrupt your life and the lives of those who depend on you. Thus, now is the time to create an estate plan. You must take this step before any emergency or accident happens.
How an Estate Plan Can Protect You While You Are Alive
Your estate plan can include documents that express your wishes regarding your personal care and financial management should be unable to attend to such matters yourself. Also, you can designate certain individuals in the plan who will take care of your personal care, make medical decisions for you, and manage your finances.
A durable power of attorney designates the people who make important decisions for you when you become incapacitated. These powers of attorney include legal authorities for handling your health care, mental health care, and finances. Also, you can include a living will in your plan to express what you want for end-of-life care.
Protecting Your Family with an Estate Plan
Your care and financial documents that protect you also protect your loved ones. With an estate plan in place, there will be no confusion and uncertainty regarding your financial and personal affairs. If you have an estate plan in place, your loved ones are assured that you have set everything for them in advance clearly and that they will have a stable financial future no matter what happens to them.
Without estate plan documents in place, your loved ones may need to ask a court judge to resolve problems on your financial matters, as well as medical and personal care. In this kind of situation, family members usually do not agree on who must make decisions and what decisions must be made.
