As a society, we live in the moment. Sure, we make plans for vacations and for next weekend, or even for lunch today. But as a practical matter, we do live in the moment. Nobody knows, with absolute certainty, what tomorrow holds, or even what the next 10 minutes hold. Not that it’s a bad thing, it’s just our way of life. But, it’s that living in the moment mindset that often leaves loved ones unprepared when a friend or family member passes away without the bare minimum estate planning documents in place.
Those essential estate planning documents are: 1) Your Will, 2) Power of Attorney and 3) Living Will.
Your Will is a document that spells out exactly what happens to your assets when you pass away. More importantly, if you have minor children, your will dictates who will care for your children in the event of your death. A common misconception is, that if you die without a Will, your property will go to the State. That’s not exactly correcct. If you die without a Will, you have died “intestate” – a fancy legal word for dying without a Will. If there is no Will to dictate transfer of your property, the default state statutes do the dictating, and those default statutes might not distribute your property they way you wanted, had you been living. Also, if you have minor children and you die without a Will, turmoil could arise between the loved ones you leave behind as to who should care for your children. Having a Will in place is a source of comfort for your loved ones. When you die, they’ll need time to mourn your loss. The less they have to worry about what to do with your assets, and who should care for your children, the better off everyone will be. Your Will gives them direction and peace of mind, knowing that your children and assets will be cared for and distributed the way you would’ve wanted them to.
Your Power of Attorney names someone you trust to be your “Attorney-in-fact”. There are various types of Powers of Attorney. We usually recommend the General Durable Power of Attorney. Under your power of attorney, your Attorney-in-fact will have authority to do anything you yourself would be able to do. A Power of Attorney is invaluable should you ever become incapacitated to the point where you are unable to make decisions or perform tasks on your own. Having someone you trust with authority to act for you will save you and your loved ones a lot of heartache.
Your Living Will, otherwise known as a “Medical Directive” gives your loved ones and your doctors guidance on how, and when you want life sustaining treatment provided to you should you ever become unable to express your desires to them. Having a Living Will in place eases the burden on your loved ones and doctors. It allows them to be there for you and treat your condition without the added pressure of deciding, on their own, when to (for lack of a better term) “pull the plug”.
Nobody likes to think about their own death. But, lets face it, death is inevitable. Unfortunately, too many people die with out proper estate planning documents in place. Not having these documents in place could add unnecessary pressure and grief to your already grieving loved ones.
Live in the moment, but ease the burden on your family and plan for the future. What if you passed away tomorrow? Do you have the essential estate planning documents in place? Don’t wait any longer.