Am I Wealthy Enough for an Estate Plan?

 Posted on April 11, 2019 in Estate Planning

Television and movies are partially to blame for vast misunderstandings about wills, trusts, and other estate planning tools. On TV, the only people ever talking about a will are older wealthy individuals. Some people may even believe that only the rich should make estate plans. However, nothing could be farther from the truth. Estate planning is a step that everyone should take, regardless of wealth or status.

Estate Planning Saves Your Surviving Family Members Burdensome Decision-Making

One of the most overlooked elements about wills and trusts is the benefit that they bring to the surviving family members of the deceased. When a person without a will passes away, their surviving family and friends are left to guess what the deceased person would have wanted regarding property and final wishes. This is a lot to ask of people who are already suffering the grief of losing a loved one. Even if your will only covers a few small pieces of property, putting your wishes in writing saves your loved ones from the emotional burden of making inheritance decisions on your behalf.

Estate Planning Ensures that You Have Power Over Your Future

Estate plans do not only involve what happens after your death. Several estate planning tools—including powers of attorney and advance medical directives—address issues that could arise while you are still living. For example, a power of attorney for property is an estate planning instrument which gives a representative of your choosing the authority to make financial decisions on your behalf. This is vitally important if you ever become incapacitated through illness or injury.

Similarly, a durable power of attorney for health care allows you to choose a health care proxy. This person is tasked with making health decisions on your behalf if you are unable to do so. If an unexpected tragedy leaves you unable to speak for yourself and you do not have the proper estate planning documents in place, the court may have to appoint a representative for you—and that person might not be someone that you would have chosen yourself. A living will or advanced directive is another valuable estate planning instrument which allows you to choose in advance what types of medical treatment you do and do not want if you are seriously incapacitated or near death.

Contact a DuPage County Wills and Trusts Lawyer

If you want to learn more about estate planning, contact an experienced Lombard, Illinois estate planning attorney from A. Traub & Associates. Call 630-426-0196 to schedule an appointment today.

Sources:

https://www.cnbc.com/2017/10/24/think-youre-not-rich-enough-to-need-a-will-think-again.html

https://www.forbes.com/sites/carolynmcclanahan/2015/02/04/how-to-ensure-quality-at-the-end-of-life/