Estate planning is not something that everyone thinks of on a daily basis; however, it is something that shouldn't be overlooked. In fact, it should be made a priority, despite the fact that it isn't one of the most exciting things in the world. While it isn't uplifting to think about what's going to happen when you die, it is nice to know that thinking about this will ensure your assets and your loved ones are well taken care of – and in the way that you wish – when you pass on. To create a proper estate plan, you need to ask yourself a couple of hard questions, including the following:
Who Will Be the Guardian to Your Children?
While you don't want to think about dying and leaving your children behind while they are still young, it is something that can happen. This means that you need to plan ahead in the event that it does occur. So, if your children are still considered minors when you pass away, who do you feel comfortable with taking care of them full-time and who is ready and willing for that responsibility of being a parent? At the same time, it doesn't hurt to mention who you wish to not be the guardian of your children if there is someone in particular that you feel would not be fit.
Do You Have Any End-of-Life Requirements?
There are certain situations where you may become incapacitated and unable to make your own medical decisions. If you have certain end-of-life decisions that you want to be carried out, such as a Do Not Resuscitate (DNR), it is crucial that you make these known in a living will and that you have a durable power of attorney so that these can be properly carried out for you. This will relieve your family members from having to make hard decisions when they are already weighed down with varying emotions.
It is important that these questions are answered sooner rather than later. One reason for this is to ensure that everything is taken care of before you die, as you never know when your time will come and you need to make sure that your family and assets are properly cared for when you are unable to be here to care for them. Talk to an estate planning lawyer like Benson Bonnie M PA to discuss what needs to be done and to get all the proper documents in place.