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Blog 2018 February When Should I Establish an Estate Plan?
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When Should I Establish an Estate Plan?

Posted By Law Office of Kathryn Marteeny || 15-Feb-2018

Some people are under the false misconception that estate plans are only necessary for elderly individuals. In actuality, it is wise for every adult to have an established estate plan in order to better protect his or her assets. Younger adults might now own as much as more established individuals do, and their health is much more likely to flourish. However, tragedies do happen, and it is always smarter to create a will and estate plan earlier rather than later.

About Estate Plans

Estate plans are more than just wills. A will is only one component of a fully established estate plan. Estate plans can also contain trusts, power of attorney, and medical directives. Not only can an estate plan help you determine who will receive your belongings after you pass away, it can also appoint guardians for your children, and control how your medical care is handled if you should be otherwise unable to speak for yourself.

The components of an estate plan may include:

  • Wills: Wills divide your assets and properties, designating which relatives or friends will receive your belongings. Your will can also appoint guardians for your minor children.
  • Trusts: In addition to a will, you can also use a trust to give a property or other asset to a beneficiary. However, a trust will appoint a trustee to manage the property until your beneficiary is able to care for it. Trusts can be utilized while you still live, and are therefore very useful for several situations.
  • Power of Attorney: The power of attorney allows you to designate who will act for you if you are unable to do so. This gives the appointed person power over your financials and medical choices.
  • Advanced Healthcare Directive: In your advanced healthcare directive, you can designate how you wish to be cared for, medically.

Once you understand all of the different components an estate plan can cover, it makes much more sense to have one as soon as possible. An estate plan helps to protect your assets, prevent your friends and family from having to go through probate after your death, and it can give you peace of mind if something should ever happen to you. If you have children, it is especially important that you establish a firm plan in the event of an emergency, ensuring your children have the funds and properties they need. And, most importantly, your estate plan can appoint a trusted guardian to your children if something should happen to you and your spouse.

Contact Law Office of Kathryn Marteeny to get started.

Categories: Estate Planning

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Law Office of Kathryn Marteeny
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