Your Estate Plan Has a Profound Impact on Your Life
Many people don’t realize that your estate plan can have a profound impact on their your life. When you become incapacitated by a sudden accident or illness, or later in life by dementia or other illness, your estate plan can speak for you when you can’t speak for yourself.
A living will can express your wishes regarding your health care.
Powers of attorney authorize people you trust to instantly step in and act on your behalf, taking care of your financial needs and making medical decisions on your behalf.
In a Last Will and Testament or Trust, you get to decide who gets what. With a Trust, you can choose when.
Many of the people I talk to don’t realize the State has already written an estate plan for them.
The State has already decided who gets how much of your stuff. But, the State didn’t say who gets exactly what, just how much. This invites family fighting over your goods. And, the State doesn’t put a time limit on how long the process will take, and it may take a year or more. That’s a year or more of hearings, motions, petitions, and more. That’s a year or more that money and assets can be tied up waiting for the process to finish.
Many people don’t realize they don’t have the legal right to make their spouse’s legal, financial, and healthcare decisions.
The State has already decided how somebody can apply to manage your legal, financial, and healthcare decisions when you can’t. Yes, they must apply, via a petition to the court. Then they have to appear in court to finish the process. Even if it’s an emergency, they still have to go through the process. Then, the power they have is limited. They must ask the Judge to do certain things for you.
Accidents, Incidents, and Random Acts of Violence
People of all walks of life face accidents, major medical incidents, and random acts of violence every day! Just look at the news.