The words “Estate Planning” may conjure up thoughts and images of elderly people, inheritances, wills, and ultimately, death.
Those things can be hard to confront, and ultimately may lead people to putting off doing any estate planning for the benefit of themselves and their families. But death isn’t the only thing a basic estate plan should help you to prepare for. Incapacity, or the inability to make decisions or take actions on your own behalf, could happen at any point in your life.
A traffic accident, an unexpected illness, or even an unanticipated absence are all instances where a person may need someone to act or make decisions on their behalf. If you are unable to, who will pay your bills, manage your accounts, or make your healthcare decisions? Once you are over 18, your parents (or anyone other than your spouse, in some instances) aren’t entitled to your private information. By setting up a basic estate plan, you can choose another person to act on your behalf or make these decisions for you.
A basic estate plan consists of a:
- Power of Attorney
- Healthcare Directive
These three documents, along with accompanying releases for information, allow you to designate a person you trust to handle your finances and make medical decisions on your behalf. Creating a Will allows you to designate who your property will go to if something should happen to you. If you do not have a Will in place, state law will determine who your property will go to. Creating an estate plan is not a long process, but it will allow you an opportunity to collect information about your accounts and assets that can be very useful if someone has to act on your behalf. Contact the Law Office of Adrienne Bond at 612-233-2664 to learn more about your options and set up an appointment!