I wish there was a better term than "estate planning" to describe this important aspect of being a responsible adult.  Typical reactions to "estate planning" include:
     • Only the rich need an estate plan, and I am not rich.
     • My life is simple, so I don't need a formal plan.
     • I'm not old enough to need an estate plan.

Taking Control
The essence of state planning is taking control.  On one hand, you may not be able control outside forces that impact your life.  When confronted with the realities of life, responsible adult realizes unexpected things can happen at any age.

But on the other hand, you can make some simple arrangements that help you control your future when certain events happen.  You can control:
     • Who makes business and health care decisions on your behalf;
     • What types of decisions they can make;
     • Who is going to settle your affairs and what oversight will be required;
     • What powers will that person have;
     • Who's going to take care of your minor children;
     • Who is going to manage the assets for your minor children;
     • How are special situations going to be handled, such as caring for a disabled loved one; and
     • Who ultimately receives your assets.

Essential Documents
Taking control does not have to be complex. Two documents—a Durable Power of Attorney and a Will—can provide the necessary control for most people. Every adult should consider having a Health Care Directive (often called a “Living Will”) if it expresses their values and desires related to receiving medical procedures during a terminal illness or permanent unconscious condition.

Durable Power of Attorney. A Durable Power of Attorney is basically a legal permission slip that authorizes someone to make decisions and act on your behalf. This should include business and health care decisions. A Durable Power of Attorney is effective while you are living, so it is arguably the most important estate planning document you can have because of its potential impact on you.

Will. A Will can do much more that just direct the distribution of assets upon your death. You can choose your Personal Representative who is someone you trust to settle your estate. You can address the needs of your minor children by nominating a guardian to look after them and a trustee to handle their property. You can make arrangements for loved ones who have limitations or lack the ability to handle financial matters. If you are fortunate enough to have a large estate, you can take advantage of some simple yet effective ways to minimize federal and state estate taxes.

Health Care Directive. With advances in medical technology, many people are concerned with end-of-life issues and having their lives artificially prolonged by medical procedures. They prefer, in the words of the law, be permitted to die naturally. By signing a Health Care Directive, a person can give directions to health care providers and loved ones concerning medical during a terminal illness or a permanent unconscious condition. Clearly, not everyone agrees with the directions contained in a Health Care Directive, but it is a very important document for those who do.

Other Documents
If needed, other legal documents can be used to meet your needs and objectives.  These documents include:
     • Community Property Agreement
     • Separate Property Agreement
     • Revocable Trust
     • Irrevocable Trusts

I can help you assess your current situation, define your objective and then implement the necessary legal document to fulfill your needs. I am confident you will find that the peace of mind knowing you have made the necessary arrangements for your loved ones and yourself far outweigh the time and costs involved in planning your estate.

Contact me if I can be of help in planning your estate.