My grandfather used to tell me the "the old must die ... but the young may die." If estate planning is something on your "someday" list, then may I encourage you to at least move it to your "pre-Bucket List"?
Depending on your unique circumstances, your estate plan may be complex or simple. Only a consultation with an experienced estate planning attorney can determine what ought be done.
That noted, there are certain "basics" common to everyone planning his or her estate. For starters, you need to have a plan, or the state will provide one for you.
This fact of life (and death) was recently confirmed in a post on the CBS Boston website titled “Estate Planning For All.”
Yes, you read that correctly.
Your state has its own "default" estate laws they may decide who will inherit your assets. More significantly, if you have minor children who are orphaned, then a probate judge will even appoint a guardian (i.e., "backup parent") for them.
Is that really what you want?
Most likely the field of candidates will come from your family tree (and that of the other parent).
Who knows the strengths, weaknesses and idiosyncrasies of your family tree better than you?
Some family members may be nuttier than a tree full of owls!
Perhaps there are some members to whom you would not entrust the rearing of your Chia Pet.
Well, you get the picture. This is not a responsibility your want to punt to a judge who does not know you or your family.
The best practice is to consult any potential guardians before your appoint them in your legal documents. Confirm their parenting style (if any, how have their own children turned out?), basic values and beliefs, and willingness to serve.
Again, estate planning need not be crazy complicated. On the other hand, you do not want to underplan, especially when it comes to protecting an inheritance both from and for your loved ones.
A lifetime of hard work, savings and thrift can disappear into depreciating consumer goods and debauchery in very short order, if not properly protected under your inheritance plan.
The original article makes the following suggestions:
- Draft a will. Name an executor/executrix to execute your wishes and distribute your assets. Again, if you have minor children, then nominate a guardian for them and a successor or two.
- Sign a Durable Power of Attorney. This lets you to appoint an individual to act on your behalf legally and financially should you ever be incapacitated.
- Sign Advance Health Care Directives. This fundamental documents appoints someone you know and trust to make medical decisions when you are unable to make them. Be sure to have a discussion with your "agent" regarding how you feel about death, dying, and life support. Make sure he or she understands your wishes.
I cannot stress enough that proper estate planning is not a do-it-yourself project. Contact an experienced estate planning attorney who "has been there and done that" before.
Reference: CBS Boston (May 1, 2015) “Estate Planning For All”
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