A New Year’s Resolution You Can Keep
Every year, millions of people make New Year’s resolutions. Some vow to lose weight. Others promise to quit smoking. Invariably, we’re trying to change our lives for the better. And just as invariably, we fail to keep our resolutions.
If you’re going to keep a resolution this year, make it this: please make sure you have your estate planning documents in place.
Important Estate Planning Documents
Everyone should have a will, which allows you to designate where your possessions go after you die. If you have minor children, you can designate who will take care of them. In the absence of a will, a court will make these very important and personal decisions for you.
Another important legal instrument you should consider is a trust that permits management of your assets on behalf of your beneficiaries. If written properly, your entire estate can avoid probate court through a trust. In addition, you should have a Durable Power of Attorney (DPOA) which allows you to designate someone (a spouse or adult child) to make financial decisions for you if you become incapacitated. You should also have a Healthcare Power of Attorney (HPOA) in which you give authority to another person to make healthcare decisions for you if you are unable to do so. Finally, you should consider a Living Will which allows you to make end of life medical decisions now after consultation with your family.
We understand that thinking about end of life issues can be uncomfortable. However, planning ahead will help guide your loved ones and spare them difficult decisions, disagreements, and avoidable expenses. If you are going to keep one New Year’s resolution, make it this one. Contact the attorneys at Wuliger & Wuliger to set up a consultation to discuss your estate planning needs at (216) 781-7777.