Having an estate plan is one of the best gifts you can give your family.

The popular quote often attributed to Benjamin Franklin “Failing to plan is planning to fail” is widely applicable to every aspect of life.   It is especially important when it comes to death.   Most families struggle to pick up the pieces after losing a loved one.  Coincidentally, this is also a time full of tremendous responsibilities in the state’s eyes.  While none of this information will help avoid the dreaded estate tax, at either the Federal or State level, it will focus on what each individual can and should do to remove some stress from an already traumatic situation. 

The Foundation

Regardless of whether you chose to use a Last Will and Testament or a Trust, the important thing is to have a plan.  Both of these documents deal with transferring your assets after death instead of relying on the State’s intestacy laws.  The major difference between the two documents is the approach in which the transfer occurs.   A Last Will and Testament goes through the probate process.  A Trust can undergo administration in an attorney’s office.    The technicalities will come in subsequent posts, but if you are interested feel free to Contact me for more information.  This document is the foundation of your plan and is purposely designed to carryout your desires.  

Financial Fix

It is also important to have a Durable Power of Attorney.   A Durable Power of Attorney appoints someone, either an individual or institution, known as an agent to handle your financial affairs if you become disabled or incapacitated.   This document helps keep your personal matters going, without unnecessary delays and costs of Petitioning the Court to have a guardian appointed.  

Healthcare Help

The next two documents work hand-in-hand and deal with medical decisions should you become disabled or incapacitated.   The first document is a Medical Power of Attorney, which similar to the Durable Power of Attorney appoints a family member or close friend, as your agent to make medical decisions.   What decisions will they make though?  That is determined by a Living Will.  A Living Will is the best way to complete any plan as it provides directions to your Medical Power of Attorney with decisions involving end of life care, at what point to stop resuscitation, and other difficult decisions.  

At The Skeen Firm we believe that solid estate planning is one last gift that you can give your family to express your undying love.Contact us today if you have any questions about your existing plan, would like more information, or would like to start working on your own plan.