Estate planning is not something for just the wealthy or those that are older. If you have minor children, you need a will and plans in place in case something happens to you. If you already have a will in place but it has been several years since it has been update, it should be reviewed and updated.
For some, a simple will would be sufficient to convey their final wishes. For others wishing to have more privacy, and avoid probate, a trust plan would be a possible solution. For blended families, those with complicated estates or businesses, a trust plan may be the best solution to ensure that their wishes are followed.
One of the most over looked areas of planning is the Power of Attorney. This area of law has changed significantly over the past few years, enumerating certain hot powers. Essentially, the Power of Attorney is almost more important than a will in planning because if you appoint an inappropriate power of attorney, who squanders your assets, then you will have nothing left in your estate to leave your loved ones.
A Health Care Directive, Health Care Power of Attorney and Living Will all give key information on how you want to be cared for when you are incapacitated and cannot speak for yourself. The Healthcare Power of Attorney especially, is another important decision, one not to be made lightly, as that person will make decisions for you when you cannot.
These are uncomfortable conversations to have, but necessary ones. No one wants to speak about death, or incapacitation. But understanding what types of treatments or how we would want to be treated if we lose certain functions, will make it easier on our loved ones if these situations ever happen.