A common misconception about Estate Planning is that it’s only necessary for the old and rich. It is true that Estate Planning is important for older individuals, as well as for those who have acquired wealth during their lifetimes. However, it is just as important that a single mother who works hard to make minimum wage have a properly planned estate. Similarly, a newly enlisted soldier ready to protect our freedom needs to ensure his affairs are in order.
At its core, Estate Planning is preparing, executing, and having in place the appropriate legal documents to ensure that your family and your assets are properly cared for should something happen to you. Oftentimes, people believe that death is the sole triggering event for utilizing estate planning tools. However, a significant part of adequately planning one’s estate is preparing for “during life incapacity” (i.e. when an individual is still alive but unable to make decisions for themselves due to incompetence or periods of incapacity). This is a crucial area of Estate Planning that many people often overlook.
The Attorneys at Batson Nolan like to ensure that their clients have Estate Plans that are specifically tailored to their client’s circumstances and needs—nothing more and nothing less. All individuals, with a variety of socioeconomic backgrounds will benefit from having in place the four foundational Estate Planning documents: 1) a Last Will and Testament; 2) A Durable Power of Attorney for Healthcare; 3) A durable Power of Attorney for Finances; and 4) a Living Will.
Most people know that a Last Will and Testament, the classic estate planning tool, is used to provide the rules on how one’s property will be distributed at death and who will receive that property. However, many people forget that a Will is where one designates their minor or disabled child’s guardian. A will is also a great way to provide for your family’s unique circumstances, like blended families or children with special needs.
Powers of Attorney for both Healthcare and Financial decisions are less familiar legal documents but are equally as important. These documents allow an individual to designate someone to act as their Agent to make important healthcare and financial decisions for them should they be unable to do so. Most commonly, Powers of Attorney are associated with individuals who lack capacity due to various memory loss diseases, mental disabilities, or instances of medical incompetence like comas or surgeries. Because Clarksville is a military town with many military families, Powers of Attorney become crucial during our servicemembers’ deployments.
Finally, Living Wills provide for some of your major end-of-life choices. These decisions are difficult for your loved ones to make, especially during the sensitive and emotional time prior to ones passing. By choosing your preferences ahead of time through a Living Will, you can relieve your loved ones from having to make such difficult decisions.
Simply put, everyone has a need for Estate Planning. The New Year is a great time to get your affairs in order. Let the Attorneys at Batson Nolan help plan your estate and give you a piece of mind for all of those “What If” questions.