Now more than ever, it is imperative that each of us have a comprehensive estate plan in place. A properly executed Healthcare Directive, Power of Attorney for financial management, Will, and Trust allow us to express our wishes and make those wishes known to our loved ones. In the absence of such documents your loved ones, and possibly the court, may make your decisions for you if you are unable to do so yourself.
As our community faces the challenges brought on by the current pandemic, an Advanced Healthcare Directive is paramount in these present circumstances. An Advanced Healthcare Directive sets forth your instructions related to critical questions of your medical care. In the event you are unable to make your own healthcare decisions, who would you want to make those medical decisions for you? Your spouse? A Friend? Neighbor? It is key that your choice is clear so no time is wasted before a critical medical decision can be made.
Similarly, in the event you are unable to manage your finances, having a clear directive explaining who has the power to manage your affairs ensures expenses are paid without interruption. The proper delegation of authority protects your assets to ensure seamless transition once you recover.
Finally, the cornerstones of a thorough estate plan includes a well thought out Will and Trust. Working together, these two documents direct how your assets are to be distributed in the event of your passing. To parents of younger children, the greatest worry is the care of your children in the event of your passing. It is crucial that parents are able to direct who is left in charge of their children’s care. This essential designation is made in a properly prepared and executed Will. As with your healthcare and financial decisions, if you do not make your wishes known, your loved ones and possibly the court system, will make the determination for you.
Each element of a comprehensive estate plan, plays its own essential role in ensuring the protection of both your assets and your family. During this unprecedented time of uncertainty, let the trusted professionals at The Walker Law firm create a comprehensive estate plan for you – one that will bring peace of mind and certainty that your loved ones will know how to handle your affairs in a time of crisis.
