Don’t Wait – Plan Your Estate Today
Estate planning is different for everyone and it’s an extremely personal process. It’s also not just for married couples with children – single individuals and couples without children still need to have an estate plan in place. Without one, you might be inadvertently putting your loved ones in a tight spot if something should happen to you. If you don’t make a plan as to who inherits your assets, the laws of your state will do it for you. This article lists a few considerations you should make when working on your estate plan.
According to the article, one important piece of this plan is having an advanced directive for health care and a power of attorney that can make legal and financial decisions on your behalf should you become incapacitated or incapable of making such decisions. If you do not have these documents, your relatives will be forced to enter a court proceeding known as a guardianship.
The article also suggests that you should also consider setting up a trust, which helps avoid probate once you pass away and allows you to give an inheritance in a private and protected manner. A trust allows you to appoint a person who will be in charge of your estate after you’re gone. A trustee will be in charge of ensuring your assets are distributed the way your Trust states.
One thing you don’t want to overlook is your beloved family pets. Who will take care of your pets when you’re gone? You can appoint someone in your estate plan to take care of your pet at your death.
If you’re ready to start making an estate plan, Rhodes Law Firm is here to help you! Give us a call today at 706-724-0405.