Nobody likes to think about end-of-life planning. It means facing your mortality and the mortality of those you love. However, there may come a time when the plans you make are vital to protecting your heirs and even yourself. The right planning can reduce the stress and difficulties you’ll face as you age.
The best part is that it really doesn’t take much make the decisions you need to make, especially if you have the right guidance in place. Learn why it’s so important to make estate planning decisions while you’re healthy, and how Cleveland trusts and estates lawyers are vital to the process.
The first thing you’ll want to do, is engage in financial planning for your future. This doesn’t just cover your estate after you pass on, but it can cover your financial needs should you get to a point where you can’t make decisions for yourself. You’ll need to gather your financial documents, such as medical and life insurance documents, bills, bank accounts and others. Keep them in one place and make sure someone you trust has access.
A financial power of attorney is an important part of this planning. If you become unable to pay your bills or make financial decisions for yourself, you’ll need someone in place to handle it for you. Be sure that whoever you choose is someone you trust with your life—this decision grants them unlimited access to your finances and accounts.
Medical Power of Attorney and Living Will
Your medical needs are something else you should consider, in case you can’t make the necessary calls yourself. The key factors in this kind of planning are your living will and your medical power of attorney. A living will simply outlines your desires if you become unable to state them yourself—do you want to be left on life support, for example?
The medical power of attorney allows you to appoint someone to make these decisions for you, if a situation arises which isn’t covered by your living will. This can also be someone with enough access to your finances, who can ensure your medical bills are paid. Again, make sure that it’s someone you trust implicitly.
Your Final Arrangements
The disposition of your estate after you pass on is what most people think of as “estate planning.” It’s best to take care of your final wishes well in advance, so that your loved ones can avoid the stress and hassle of probate court. From your will to setting up a trust, these things will help to ensure your final wishes are considered and followed.
Cleveland Trusts and Estates Lawyers
While it may seem that these decisions are easy enough to make, getting them right requires knowledgeable legal help. There are a lot of potential pitfalls that can actually interfere with your wishes. That’s why it’s important to have the help of experienced Cleveland trusts and estates lawyers like Stano Law.
If you’re thinking that it’s time to start your estate planning, we are here to help. Give us a call for a consultation today.