Tuesday, March 25, 2014

The Importance of an Estate Plan

Even those of us with few assets would benefit from a comprehensive estate plan. An estate plan covers more than just who receives one's possessions after death. A complete plan also provides an authorized representative to sell or dispose of assets, pay bills and creditors, negotiate with creditors, and provide for a final resting place.

In addition to a standard will an attorney can draft up a power of attorney and a living will, which dictate what level of medical care one would receive. Possessing power of attorney for a relative, even if a spouse who would normally have the authority to make such decisions, makes things much easier to deal with in an emergency. And a living will provides clear guidance as to a person's wishes and can help prevent family squabbles in a difficult time.

Preparing an estate plan is not necessarily a complex or expensive process, and most attorneys have set forms to help expedite the process. Clients are not limited to the forms, however, as just about any request can be honored as long as it is prepared properly.

1 comment:

  1. I know how true this is from first-hand experience last year. Even with POA and a Will there are still financials tthat are not covered such as stocks and bank accounts. Even though my mom was joint tenant and named in everything, we still had problems. And this month we are finding that she can't get my stepdad's 1099-INT & DIV without the Small Estate Affidavit all over again.

    So the bottom line is that this post is 100% on the money and someone can never be too thorough when it comes to things like this.