Estate planning is sometimes misunderstood. Some people think an estate plan is reserved for those with substantial real estate holdings or for those safeguarding generations of family heirlooms. While these are valid reasons to have an estate plan, when you have a family it is important to keep in mind how you will provide for your loved ones in the event you suddenly become ill or incapacitated.
A comprehensive estate plan may only contain a few key documents such as:
Health care directive
Financial power of attorney
A will or a trust is a legal document that provides a way for you to communicate your wishes for distributing your personal property and real estate when you pass away. You will also be able to nominate your choice of guardian for your children if they are still minors.
Other critical estate planning documents such as a financial power of attorney will allow you to designate an agent to handle your financial and business affairs if you suddenly become ill or incapacitated. A medical directive allows you to let your physician and family know your wishes for end-of-life care and medical treatment should you become unable to speak for yourself.
At Christine Sue Cook, LLC, attorney Christine S. Cook can help you make critical decisions about life insurance and choosing the right estate plan for your family’s needs. Estate plans can help protect you, your loved ones and your assets during your life. Contact us to learn more.
A divorce throws all kinds of long-term plans into question, and estate plans are no exception. It’s important to talk with an estate planning attorney about changing your estate plan after a divorce to make sure it reflects your current wishes.
In addition to your will, you may want to update your retirement plans, life insurance policies and other assets.