August is Make-a-Will Month: 4 Important Estate Planning Steps
This August, we invite you to join others in celebrating Make-a-Will Month. We’re thrilled to feature guest author Leigh K. Freeman, Attorney at Law specializing in business and estate planning, who will provide valuable insights into estate planning, from simple tips to more complex needs.
By Leigh K. Freeman, Attorney at Law PLLC
August is Make-a-Will Month, and it is a great reminder that all of us need to establish an estate plan. Beginning the process of developing an estate plan can be difficult and overwhelming. Many people aren’t sure where to start. There really isn’t a magic place to start, the important thing is to start somewhere! Whether it’s making a list of your assets to be divided in your will or thinking about how you want your remains handled, these can be difficult topics to tackle. By breaking them down into segments, it may be easier to handle them. Here are 4 Important Steps that shouldn’t be overlooked.
1. Create a Will. A will is the building block of estate planning. Without a will at your passing, you will be considered to have died “intestate” and your belongings will be divided by the court in accordance with the default rules located in our state statutes. Most people prefer to have more control over their assets in the event of their death and choose to put together a will. Your will is a chance to name your beneficiaries, including making charitable gifts, if you are so inclined. You will also select your executor, the person that handles the administration of your estate after you die.
2. Select a Medical and Financial Power of Attorney. Many people think of estate planning as determining what happens to you after you die. However, it can be just as important to have a plan for who will make your financial and medical decisions in place should you become incapacitated. By appointing someone to serve as your financial power of attorney they can take care of your bills, banking and other financial matters should you be unable. A medical power of attorney makes medical decisions and can authorize treatment if you are unable to give your consent.
3. Directive to Physicians. An advance directive, or living will, speaks for you when you can’t. It gives guidance to your doctors and your family members about what medical treatments you do and do not wish to have should you become sick or injured. This information removes a huge burden from family members and gives them peace of mind that they are making the right decisions about your care should the situation arise.
4. Instructions Regarding Remains. This topic can be particularly difficult, but it can also be one of the most helpful for your family. You can include instructions regarding burial or cremation and additional details in your will or in a separate document. This allows your family to carry out your wishes without worrying if they are making the right decision during a difficult time.
While it can often be overwhelming to know where to begin your estate planning journey, if you take things one step at a time, you will find yourself making progress. There is no particular order in which the 4 Steps need to be taken, but you should make sure you have a cohesive plan once you are complete. Seeking advice from legal counsel is the best way to know that your plan is set up correctly and to ensure success when it comes time to execute the plan.
This article is for informational purposes only and does not constitute legal or tax advice. Please seek advice from a licensed attorney before making any legal decisions.
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