You created the business, built your empire that consists of houses, vacation property, rental property, trademarks and/or passive income. You consistently saved money on your job, took advantage of corporate matches and continually monitored and supplemented shortfalls. Even in your community, you motivated the masses, anchored yourself as a supporter of causes dear to your heart and shared with your loved whenever, however. Unfortunately, an unexpected accident, unfortunate illness or untimely death could all that you created to unwind.
Your peace matters
In the midst of loss, confusion, chaos and calamity brews. To avoid chaos in the midst of confusion, it’s better to have written words to calm loved ones. A will allows you to specify who gets what, who handles what and who pays for what. Whether you decide to set up a trust for minor children, set aside a lump sum of money for your favorite charity or request a fabulous dinner in your memory (previous client request), words written must be followed. In addition to calming lived ones, your will limits disputes. By choosing an executor and trustee if you use a trust to administer your estate, you put someone you trust in charge.
Similarly, by naming a guardian for your young children (under 18), you make it possible for the person you choose to raise your children if for some reason you and the other parent couldn’t. If you don’t make your preference known in your will (or in other legally effective document) a judge would have to choose a guardian without any knowledge of your wishes and oftentimes it’s not a loved one but a complete stranger that determines when or your loved one should get what you always said yes to.
Your decisions matter
In addition to the basic estate planning tools of a Will and Trust, a Durable Power of Attorney, which names a person who can act in your behalf regarding your property, is a valuable document. This document gives the agent the power to act on your behalf if you are incapacitated and need assistance or if you are unavailable to act. If you have a Durable Power of Attorney you will probably avoid the need to have a Guardian appointed if you unable to handle your own affairs. This avoids the cost and time associated with guardianship proceedings.
A Healthcare Power of Attorney allows the agent named to make healthcare decisions for you, if you cannot make them. It is useful if you are injured or incapacitated and unable to make healthcare decisions. An additional healthcare document is the Advance Directive for Healthcare that gives instructions to your physicians on end of life matters. It also names a proxy who can make decisions if you are not able to make them. It is essential in all of these documents to name people you trust as the agents, proxies, trustees, and personal representatives. They have great power but it also gives you great flexibility and avoids court supervisions of your affairs.
Your estate matters
Now that you know better, it’s time to set plans in place to ensure your decisions matter in life, sickness and death. Legally Chic Services offers personal or online estate planning services. Whether you choose to have an attorney to meet with you to discuss your interest and concerns or fill out an online intake, we offer a patient ear and wise counsel to assist you in creating a customized estate plan that reflects your wishes. During the customized planning session, we will learn the dynamics of your family obtain financial information for your estate planning binder and customize documents that capture your wishes to ensure your words matter in sickness and death.
Toni Moore, Esq. is a Business Attorney and Financial Mentor who shares business, lifestyle and legal information to help women purposefully create generational wealth.
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