Don’t Leave Your Family to Battle the Courts
“Last will”, “living will”, “health care proxy”. There are many things to consider when planning your future. Thinking about death is not something that any of us likes to do. But it is a realty that we must all face, and it is important to be as prepared as you can. An attorney can help you sort all these issues out and create a valid estate plan which will accurately carry out your wishes.
You may not think that you currently own any assets, or they are not of a great enough value to make having a will important. However, while some items such as life insurance and bank accounts can be arranged to pass automatically upon your death, other property such as real estate and vehicles are typically left by a will.
Creating a will is a simple process and is a good, reliable way to leave your property when you die. With a will, you can leave property to family, friends or charities; name a guardian to care for your young children; name an executor; and appoint an adult to manage property you leave to young people. If you do not have a will, then the state decides who will receive your property. If you have children, you risk their becoming wards of the state if both you and your spouse die.
Once you have made your will, it is important to review it every few years, to make sure it still accomplishes your wishes. It is also important to review your will if you have married, divorced, have children, or your assets have changed. A will can be changed, revoked or replaced with a new will at any time.
Additionally, it is a good idea to have a plan in the event you become incapacitated. In this case, a last will would not be sufficient but you also need a living will and health care proxy to set forth your wishes regarding your health care and finances. This is basically a list of things to do and who is left in charge if you are in a life-threatening accident or otherwise become incompetent. Having a living will and health care proxy in place can eliminate problems among your family members and will answer any questions they might have about your wishes.
A last will and testament is the foundation of a good estate plan. Along with a living will and health care proxy, it will ensure that your last wishes are carried out and will ease the stress your family faces at this difficult time.