School is back in session which means your child will now spend their evenings practicing addition and subtraction, cramming for tests, and reading Cliff Notes. Wouldn’t you like to take a trip down memory lane and join in on the studying fun?
Here’s your next homework assignment. Answer these 4 important questions to ensure complete and accurate estate planning to protect your family.
What Do You Own?
It’s very important to create a detailed list of all your assets and account numbers so the executor of you Will is in the loop on everything. It’s also a good idea to prepare a list of contacts that would need to know if you passed away. Make sure the executor of your Will knows where to look for this information.
How Do I Protect My Assets?
The answer to this question varies based on your assets and personal goals. For some families a Will is sufficient and other situations call for business entities or Trusts. A Trust is a set-aside used for a specific purpose such as establishing a fund for the future care of a disabled child or supporting your local charity.
Who Will Look After My Children?
If your child is under the age of 18 then you need to name a guardian who would care for them if you should pass away. It’s very important to have this document in place so there is no discussion about who will take care of the child.
Who Will Make Decisions For Me?
Think about the person you want making medical and financial decisions on your behalf if you should become incapacitated. This person or people are known as agents and are designated in a Medical Power of Attorney and a Durable Power of Attorney. They will follow specific instructions and make decisions based on your wishes and preferences.
Being a parent means being a role model. Show your children that it’s important to plan for the future. Once you’ve answered these four questions it’s time to schedule a meeting with an attorney so they can put the proper documents in place.
Law Offices of Debbie J. Cunningham
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- Wills & Appointments Of Guardians For Children - November 6, 2023
