Where There’s a Will: Estate Planning 101
By Kelly Rochotte, Litigation Paralegal, NP Weiss Law
Everyone can benefit from an estate plan, and contrary to popular belief, it does not need to be complicated. A basic estate plan only has four elements to it: your last will, a living will, and two powers of attorney. Each item shares a common goal: to make sure your needs and values are heard when you can no longer express them. While most people don’t like to ponder their own demise, putting an estate plan together is an easy and practical measure for you and your family.
The first and perhaps most well-known aspect of estate planning is the will. A good will discusses both the big issues (“who do I want to put in charge of my stuff?”) and the smaller issues (“which grandchild should inherit my record collection?”). Getting your wishes in writing is key to ensuring that they will be carried out and observed. There are two types of wills: a living will, and a last will.
Living Will v. Last Will
A living will is just what it sounds like. It describes what should happen in the event you are unable to communicate your medical care wishes on your own. In a living will, you also designate the person, or people, you want your doctors to turn to when they need consent for certain procedures. Last wills, on the other hand, give directions on what should happen after your death, and this includes assets distribution, pet care, and other important, unique matters about your earnings and belongings.
Updates to a Prior Will
Updating your will is an important and easy way to make sure that your affairs are in order, and to provide a sense of security, that your will reflects your current circumstances.
Power of Attorney
Finally, a healthcare and financial power of attorney is considered part of a basic estate plan. It gives power to people of your choosing to make healthcare or financial decisions on your behalf, in the event you are unable to do so. These documents detail your wishes regarding everything from bank account administration to organ donation, and are specific to each individual.
We Can Help
If you’ve recently experienced a significant life change, or even if you just want to see what your best options for estate planning may be, contact our office and ask how we can assist you in crafting an estate plan that reflects your values and wishes, now and in the future.
By: Kelly Rochotte