Wills
While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay, and frustration associated with managing your affairs when you pass away or become disabled. Wills are an inexpensive and efficient way to ensure your loved ones are cared for in a way of your choosing.
You can fill out our Online Will Questionnaire or you can download the Will Questionnaire PDF.
Providing for Incapacity
If you become incapacitated, you won’t be able to manage your own financial affairs. Many are under the mistaken impression that their spouse or adult children can automatically take over for them in such a case. However, in order for others to manage your finances, they must petition a court to declare you legally incompetent. This process can be lengthy, costly, and stressful. Even if the court appoints the person you would have chosen, they may have to renew the petition every year and show how they are spending and investing each and every penny. If you want your family to immediately take over for you, you must designate a person or persons you trust in proper legal documents so that they will have the authority to withdraw money from your accounts, pay bills, take distributions from your IRAs, sell stocks, and refinance your home. A will does not take effect until you die and a power of attorney may be insufficient.
In addition to planning for the financial aspect of your affairs during incapacity, you should establish a plan for your medical care. The law allows you to appoint someone you trust to make decisions on your behalf about medical treatment options. You can achieve this through a Durable Power of Attorney for Health Care. You may also form a Living Will, which informs others of your preferred medical treatments, such as the use of extraordinary life-saving measures should you become permanently unconscious or terminally ill.
Avoiding Probate
If you leave your estate to your loved ones using a Will, everything you own will pass through probate. The process is expensive, time-consuming, and open to the public. The probate court is in control of the process until the estate has been settled and distributed. If you are married and have children, you want to make certain that your surviving family has immediate access to cash to pay for living expenses while your estate is being settled. It is not unusual for the probate courts to freeze assets for weeks or months while trying to determine the proper disposition of the estate. Your surviving spouse may be forced to apply to the probate court for needed cash to pay current living expenses. With proper planning, your assets can pass on to your loved ones without undergoing probate, in a manner that is quick, inexpensive, and private.
Providing for Minor Children
It is important to address issues regarding the upbringing of your children. If your children are young, you may want to consider implementing a plan that will allow your surviving spouse to devote more attention to your children, without the burden of work obligations. You may also want to provide for special counseling and resources for your spouse if you believe they lack the experience or ability to handle financial and legal matters. You should also discuss with your attorney the possibility of both you and your spouse dying simultaneously, or within a short duration of time. A contingency plan should provide for persons you’d like to manage your assets as well as the guardian you would like to nominate for the upbringing of your children. The person, or trustee in charge of the finances, need not be the same person as the guardian. In fact, you may want to purposely designate different persons in order to maintain a system of checks and balances. Otherwise, the decision as to who will manage your finances and raise your children will be left to a court of law.
Other issues to consider in this respect is whether you wouldd like your beneficiaries to receive your assets directly, or whether you’d prefer to have the assets placed in trust and distributed based a number of factors which you designate, such as age, need, and incentives based on behavior and education. All too often, children receive substantial assets before they are mature enough to handle them properly, with devastating results.
You should give careful thought to your choice of guardian, ensuring that he or she shares the values you want instilled in your children. You will also want to give consideration to the age and financial condition of a potential guardian. Some guardians may lack child-rearing skills you feel are necessary. It is also wise to ensure your plan does not create an additional financial burden for the guardian.
This Questionnaire is 4 pages. Please be sure to complete each page before submitting. The page symbol in the bottom left corner of the form allows you to switch between pages.
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