Putting together an estate plan is important not only for your peace of mind but also for establishing a clear structure in the future for your children. As your children or grandchildren are playing with you and enjoying the lazy days of summer, it’s still a good idea to think about your estate plan and whether or not it has been structured appropriately to take care of your family. Finding a DIY site carries risks in and of itself, so it’s worth hiring a lawyer.
There are several different things that you can do to accomplish your individual estate planning goals while also keeping an eye towards the future and how this will ultimately impact your loved ones. These include, bullet, protecting the inheritance that you leave your children, such as through setting up a trust. Bullet, protecting the benefits associated with a disabled child or grandchild. Bullet, ensure future vacations at the family home by thinking carefully about how to plan for a vacation or a second property. Bullet, ensure that any minor children are cared for in the event that you pass away by naming a guardian.
Equip your children or you with healthcare decision-making. If children are over the age of 18 they are responsible for making their own healthcare decisions and a doctor cannot share medical information directly with you without a child’s permission. This is true even with a college age student. A healthcare proxy is something that you should have but something that your loved ones can also benefit from as they move into adulthood and are responsible legally for making their own decisions.
All of these crucial facts can assist with the estate planning process and make things easier for your family if you were to become suddenly incapacitated or to pass away unexpectedly.