The point of estate planning is not to dwell on your own demise. Estate planning involves many items that serve to improve your life, now and into the future. Of course, there are elements of estate plans that only come to fruition when you die, but there are worse things than making sure that your final wishes are honored and your loved ones protected.
In short, estate planning is life and death planning in one. There are several things you should arrange in advance to protect your rights and your ability to choose.
Who gets a lawyer?
Many couples choose to establish an estate plan together, with the help of an attorney. In some cases, it would be better if they pursued an estate plan individually, with each hiring their own lawyer. Spouses naturally turn to each other for many things, but in the event of an accident or emergency affecting both spouses, they rarely agree on a single person to rely upon.
Your attorney represents you. Every document, every recommendation, every plan will be to protect your vision for the future. Your spouse may have a similar vision, but the differences can be enough to endanger your plans and your loved ones.
Do people really go coffin shopping?
There are enormous advantages to making arrangements in advance for your own funeral. By planning, and buying, ahead of time, you can save your family from an excruciating process and ensure that your funeral is what you want it to be. There are also cost benefits involved when you have time to analyze your options and choose the manner and style that is right for you.
Who do you trust?
One of the hardest things to deal with is a loss of mental capacity. Several health conditions can slowly erode your ability to make sound decisions. Planning ahead allows you to designate an individual or group you trust to make the decision as to when to pass the reins to another party.
Plan for the best and the worst
You need to ensure that your retirement income and planning is sufficient to cover your expenses. Things like in-home care and nursing homes do not come cheap. Life is unpredictable, as is death. Your estate plan should take into account the possibility that you will live to 90, 100 or beyond.
Don’t delay in establishing a plan to protect your future and your loved ones. Call an attorney to get started as soon as possible.