We have enough responsibilities in our lives to keep us busy, so when we have free time, we’d much rather kick back, relax and do something we enjoy. And typically, the things we enjoy do not include end-of-life planning. You’d much rather watch a movie or play a game with your child than think about what will happen to your child if you die, right? Nevertheless, estate planning and end-of-life planning are hugely important. It’s important in order to protect your assets, and it’s important in order to protect your family.
There are several preliminary things you may want to consider with regard to estate planning. First, it’s essential to create a will, which is a legal document that determines what will be done with your property after your death. You can also establish legal guardianship for any children, dependent adults and pets. You’ll also need to name a power of attorney, who will make sure your wishes are carried out in the event of your death or in the event you’re unable to handle affairs yourself. You may ask a friend or family member to be your Power of Attorney, or you may ask an estate planning attorney at McFarlin LLP for help.
Life insurance is another important preliminary step to take. There are several different types of plans and policies, so evaluate all available options. You may want to ask yourself what your main goals are for life insurance. Do you simply want to provide your family with a financial safety net? Do you want to control the way the benefits are distributed? Are you buying life insurance as an investment or to pay medical bills in old age? An estate planning attorney can provide guidance in this department as well.
Estate planning lawyers are also critical advisors when it comes to making financial and legal decisions about your assets to ensure they transfer seamlessly to your appointed heirs and so the impact of estate taxes is as minimal as possible. At McFarlin LLP, our attorneys provide counsel across a broad range of estate planning topics, including revocable trusts, irrevocable trusts and family limited partnerships. If you are trying to decide what types of estate planning vehicles are right for you, let us lend a hand. Estate planning is not only for the rich and well off; everyone, regardless of wealth, should take active roles in planning for their futures. Your family depends on it.