If you come to see me asking for just a Will, I will ALWAYS discuss with you whether you need a Financial Power of Attorney and a Health Care Power of Attorney and Living Will. It is not because I am trying to upsell my services or print more paper and kill trees. No, it is because I want to make sure you have the documents you need to protect yourself and to simplify things for your loved ones.
A proper estate plan deals with the here and now, the near future, and the distant future. A proper estate plan is not just what happens when you die. It has provisions for when your health declines and you can no longer act on your own behalf. Most of us don’t spend a lot of time thinking about the possibility of future illness, incapacitation or death, nor do you want to. Leave that to me to guide you through the process of determining what you need.
The key to recognizing which documents are necessary is to understand each document and when it becomes active. Most people know that a Will becomes active on death and deals with the distribution of your assets. It can also name a guardian for your minor children, and set up trusts to protect those assets. Continue Reading Myth #8- I only need a Will.