Regardless of someone’s age, income, priorities, family situation or wealth, estate planning is tremendously important. The preparation of a will, powers of attorney over health care decisions and financial decisions and a health care directive (sometimes referred to as a “living will”) is essential for everyone. Other planning considerations are undoubtedly important, but these four core documents make up the basis of anyone’s estate plan.
Effective and timely estate planning provides benefits for the individuals undertaking the planning as well as their family, friends and other loved ones. Addressing critical life events and decisions before they occur accomplishes three paramount goals: (1) the discussion and consideration of these topics fosters thoughtful and deliberate decisions, (2) proper counsel and preparation will lead to the most desirable results from the standpoint of personal preferences, convenience, efficiency and tax potential reduction, and (3) an individual can rest assured that their wishes will be carried out in the event they are unable to make decisions for themselves.
Fortunately, the preparation of these four basic documents is not an overly burdensome or expensive process. We frequently prepare these documents in a relatively short timeframe and offer a quite reasonable fee, especially if your situation and desires are not overly complicated. While each family and individual–and each estate plan—is entirely unique and requires personal consideration and attention, there is no doubt as to the importance of appropriate planning.