Too many people think that estate planning is something that only the rich do. In truth, just about everyone has assets, and those assets could be in danger without a pre-plan. Even before you pass on, however, pre-planning can ensure that you are protected as you near your golden years. It can guarantee your bills are paid, your medical needs are taken care of, and a range of other unforeseen circumstances are covered.
Pre-planning your estate is essential to taking care of your descendants, your loved ones, and yourself as you grow older. Discover the many various benefits of estate planning in advance, and how pre-planning can save a lot of stress and time as well as protect your assets.
Estate Planning Provides for Your Family
Having an estate plan ensures that your spouse and children will continue to be cared for. If you have minor children, it will ensure that they have caregivers, especially if you and your spouse both pass away.
Distribute Property as You Wish
Estate planning will ensure that your property and assets are distributed according to your wishes. Otherwise, the courts will get involved, and there can be an expensive and time-consuming probate process where your wishes aren’t considered to the degree that they should be.
Make Sure Your Bills Are Covered
Should you become unable to take care of your own finances, a pre-plan will make sure that your bills are paid for. It allows you to appoint a power of attorney, someone you trust implicitly who can access your finances and take care of your expenses on your behalf.
Make Sure Your Medical Needs Are Covered
You’ve probably heard about a Living Will. This doesn’t just mean a statement to take you off life support. In fact, it needn’t address that issue at all. What this constitutes is a set of medical directives that will be followed should you become unable to make decisions on your own. In addition to this set of directives, you can also appoint a medical power of attorney to make decisions on your behalf, should something occur that isn’t covered in your advance directives.
Having a will states your final wishes, but you’ll need someone to oversee that it’s carried out. A pre-plan will allow you to establish trustees and an executor for your estate. This will ensure that everything is handled properly and, again, will help to save money, simplifying the process of administering your estate.
It also enables you to create special trusts and funds for those who will need them. If, for example, you have a child with special needs who will have to be covered, you can set up a trust from your estate that will make sure they’re taken care of.
Setting Up Your Pre-Plan
If you need help with your estate planning or end-of-life pre-plan, contact an estate planning attorney. Stano Law has been helping people just like you for many years in Cuyahoga County. Give us a call today for more information or to get started with your plan!