While roses, chocolate, and a romantic dinner may be the traditional Valentines fare; those admirations of love are fleeting and temporary. If you want to give your loved one a lasting (and useful) gift this year, consider properly planning for your future together. Give a gift that matters by making sure your loved one is protected with proper estate planning.
What is a Will?
A will gives specific instructions on how to distribute your estate after you have passed away. With a will, your property would be divided according to your wishes, not placed in the hands of strangers.
Why is a Will Important?
Without a will the state statutes, instead of your wishes, will determine how your estate will be divided. This could mean a long, stressful, and expensive struggle for your family. With proper estate planning your distribution plan can consider tax implications, differing needs of each family member or anything of importance to you. This means more money going to your loved ones.
When is the Best Time to Create a Will?
Most people believe that estate planning is only for the more mature crowd. This is a common misconception. If you have children, are married or in a committed relationship, now is the perfect time to protect your family with a solid estate plan.
What Else is Included in an Estate Plan?
When you sit down to speak with an experienced attorney about a will, there will be several other important documents that are included with proper estate planning:
- Medical Power of Attorney- This allows a loved one to make medical decisions for you when you are not able.
- Directive to Physicians- Also called a ‘Living Will,’ this gives instructions on life sustaining care and other end of life decisions.
- General Power of Attorney- This gives permission to the person of your choosing to handle your finances if you are incapacitated.
Nothing says, “I love you” quite like ensuring that your loved one is properly protected. Along with a dozen roses this Valentine’s Day, consider sitting down with your significant other and speaking about these important decisions. If you need assistance in navigating the estate planning process, contact an attorney today.
Law Offices of Debbie J. Cunningham
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