Why Estate Planning is Necessary
Assets are only one of many parts of estate planning. Leaving behind good memories and protecting your children are two small sections of the many things that you can do with the right documents. How many assets you have shouldn’t dictate whether or not you should seek out an estate planning lawyer. Having their help is almost always a wise decision.
Don’t be afraid to share with them how many assets you have remaining. It’s their job to ensure that your assets can pass onto the next generation. If you’re not going to deal with those assets, someone else’s going to have to deal with them anyway.
Once you’re gone, you won’t be able to hide your secrets. So, to help you make the most of your estate planning with what assets that you do or don’t have, contemplate these following suggestions.
Advice for the Next Generation
Philosopher or not, you can still use your will as a means to passing on helpful advice. Full letters can be included into your estate planning, acting as your way of communicating with the living. Don’t be concerned with it being a treasure map or worthy of a Pulitzer prize. For most of your loved ones, this might be the last they ever hear from you again. Use this as a way of saying goodbye and putting some good back into the world.
This kind of letter can be read again and again by the following generations. It doesn’t simply disappear after its first reading. Your written words can, theoretically, stand the test of time.
The contents of this letter is up to you, allowing you to pour in every ounce of creativity and wisdom. It might be your way of teaching grandchildren who you never got to see. It may even serve as a guide for those looking to carry on your legacy.
Protect Those Beneficiaries
Without taking proper steps to create a genuine will or trust, your family may find itself in a downward spiral, attempting to figure out what to do with your assets. That’s not to say that your family members will turn on each other. Though, without sufficient guidance, fulfilling your desires may be outlandish at best. They may have little to nothing to go on.
What happens to your house and to the other property that you’re leaving behind won’t be up to you. Crafting a will and working on estate planning shows your beneficiaries that you actually care for them.
If you’ve promised them something specific, they might be disappointed to learn that you didn’t back up your promise by taking the necessary legal precautions. You may as well try giving them the moon if you’re not going to do any estate planning.
Who Has Say
One of the most powerful parts of estate planning may have little to do with your assets. Rather, when it comes to topics such as power of attorney and guardianship, you may find yourself dealing with multiple health-related decisions. Should you also have concerns about your assets, you may also want to talk about granting power of attorney over financial matters and/or if you would be open to having a conservator. You can say no to just about anything if you don’t feel the need.
At bare minimum consider who you want to make health-related decisions for you regardless of your money situation. There are ways to set things up so that a person has power even while you’re incapacitated or for them to not have any power should you become incapacitated. For those looking to leave things open, you can opt to saying that you’re willing to have a guardian help you out. You don’t have to grant power of attorney to anyone while still leaving the door open for future assistance.
What About the Children
Giving your children the very best is a wonderful ideal. As we’re still a mortal race, being there to give your children the best of the best throughout their lives may not prove possible. Thankfully, estate planning allows you to do more than simply leave them a house or the remains of your paycheck. Appointing guardians for your offspring is another thing to include on your estate planning checklist.
This precaution is mainly for protecting your children until they become adults. If they’ve got careers, lives, spouses, and children of their own, this is a part you can probably overlook. It’s the little ones who still need assistance looking after themselves that you should worry the most about. Do try to consider who’s best for them. They should be cared for by someone who will not only love them, but someone who will help them mature into the men and women that you always aspired for them to be.
Planning Your Estate
Those four suggestions made, it’s perhaps time for you to consider getting some help. For your best interests visit the law firm of Flanders Law Firm LLC. Otherwise, if you’d like to stay home, call them at 612-424-0398.
They can give you more ideas of what estate planning law can do for you. They probably can even find ways to make the most out of your situation and protect each of your remaining assets. Every estate planning situation is different and you may find that there’s more that you want to take advantage of. Moreover, don’t be scared to start early. Give yourself time to work out everything that needs to be accomplished.
