You do. Actually, pretty much everyone does who has any real estate, personal or household property, savings or investments which they wish to leave to particular heirs. Without a will, the State can decide who will inherit all of your assets. You also need an estate plan if you have wishes and preferences about, for example, how medical choices and treatment will be handled if you cannot oversee treatment yourself, who will manage your bills and bank accounts if you are unable to do it, or what will happen to your remains after death. If you have children or other people dependent upon you, who need you to select a guardian for them in the event of your death, you absolutely need an estate plan. Furthermore, with an estate plan, you can keep young adult children from fully accessing an inheritance before they are wise enough to manage it responsibly.
“Estate plan” may suggest to some a portfolio of documents for the very well-to-do who own large “estate” properties and investments. Indeed, estate plans are for such individuals, but they are for everyone else, as well, who wishes to make end-of-life choices. At Sterling Law Office, we have experience preparing last wills and simple estate plans, starting at a cost of around $500. These very economical directives provide for a wide array of extremely important issues. Some of the choices that can be specified in an estate plan include:
∙ Listing real estate, personal, or household items to be left to a specific person, or financial gifts to persons or charities;
∙ Naming your personal Patient Advocate, who has authority to consent to or decline medical treatment for you; can approve admittance or discharge to medical treatment facilities, including hospitals, rehabilitation and nursing centers; will have access to medical records; and can employ caregivers;
∙ Selection of a guardian for minor children or incapacitated adults, so the guardian won’t get selected by default in probate court; and selection of a conservator or trustee to safeguard the property and financial accounts of children;
∙ Measures to help reduce inheritance taxes on your heirs, and to protect the family home or cottage for future use by an extended family;
∙ Instructions on donation of organs and tissue, or your wishes regarding memorial or funeral services, and for internment of your remains;
∙ Specification of how much or how little medical treatment you want in the event that you become unable to speak for yourself;
∙ Establishing a fund for the care of pets or domestic animals in the future.
As this partial list of estate plan topics shows, putting last wishes on record is essential for all of us.
Taking responsibility to initiate the estate planning process will ensure that your end of life, whenever it comes, is managed according to your wishes. It will spare your dependents and heirs from unnecessary uncertainty, expense, and wrangling with the probate court. An estate plan is an elemental part of preparing for the future of yourself and those you love.
Posted by Mary Wreford; Approved by Lea Ann Sterling, September 24, 2007
The information presented in this article is for general information only and should not be construed to be legal advice.