In an age where estate planning is considered a low priority item by some, and an extravagance by others, are there any circumstances that necessitate immediate estate planning? In our experience, if you answer “NO” to one or more of the following statements about your life circumstances, we strongly suggest that you consider doing some estate planning:
1. I have executed a Healthcare Power of Attorney to appoint an agent of my choice to make medical decisions for me in the event that I am unable to make such decisions for myself. My agent has agreed to serve on my behalf in this capacity and either has a copy of the legal document I have signed or knows where to obtain one.
2. I have executed a General Durable Power of Attorney to appoint an agent of my choice to handle my financial affairs for me in the event that I am unable to. My agent has agreed to serve on my behalf in this capacity and either has a copy of the legal document I have signed or knows where to obtain a copy.
3. I have appointed someone in my Last Will and Testament to care for my minor children if I am unable to. They have agreed to serve in this capacity and know where to obtain a copy of the legal document in the event of my death.
4. I have created a secure way for trusted individuals to access and manage my digital assets, records and profiles and ensured that such individuals are aware of this and know where to look for this information.
If your answer was “NO” to any of the above statements, then you risk not being able to choose who you would want to take care of you or your children in the event of your incapacity or death. Instead, the Court would have this responsibility. This means that in addition to being a costlier proceeding, you would also have no say over how your medical or financial decisions would be made. Would you approve of your house being sold, being placed in a nursing home facility (not of your choosing), or your financial investments being liquidated by someone you didn’t choose? If any of these situations make you the least bit uncomfortable, you should consult an experienced estate planning attorney today.
For more information on estate planning, contact Davis & McCann, P. A., Dodge City, KS. We are members of Wealth Counsel, a national consortium of Estate Planning Attorneys and the National Academy of Elder Law Attorneys (NAELA). We focus our practice on providing clients with the best legal advice on Estate Planning, Medicaid and Long-term Care Planning, Special Needs Planning, Family Business/Small Business Succession Planning, Probate, Trust Administration, Real Estate Transactions, and related matters.
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