Taking care of these matters when you are able is better than leaving it for someone else to figure out when you cannot.
Hope for the best, plan for the worst
Estate planning can seem a daunting task, but it does not need to be! However, whether you’re single, married or otherwise long-time entangled and whether you have children, no children, parents or pets that you would like to take care of when you pass, everyone does need some level of estate planning that will simiplify your later years and achieve your goals long before and after you pass away.
Consider this a primer for a few things that everyone needs, and a couple of things that you may or may not need to have drawn up to avoid problems down the road. Please keep in mind that these statements are not legal advice, and some are quite general and may not apply to each situation.
Simple estate planning can be divided into those documents that apply while you are alive and those that become effective at your death. Let’s start with the “living” documents which are medical power of attorney, financial or “general durable” power of attorney and a living will.
A medical durable power of attorney allows whoever you name (your agent(s)) to help make any medical decisions if you are unable to do so. It also allows your agent to speak with your doctors and share information with your loved ones if you are in an accident, or have an injury or illness and are unable to share that information yourself.
As you get older, it also allows your agent to make appointments, speak with your doctors about your care and have access to medical information in order to act on your behalf.
If a person the age of 18 or over is incapacitated without an MPOA, a court process is required to name a guardian to oversee the care of the individual. From my experience, the court process is commonly at least 20 times more expensive than having a simple MPOA prepared, so this document is well worth the amount of money you would pay with just about any attorney.
A general durable power of attorney allows whoever you name (your agent(s)) to take care of any matters (outside of those under the MPOA) during your life. It can be as simple as making a change on your phone service or finding out how much the electric bill is in order to pay it to managing your multimillion dollar investment accounts and buying and selling property in your name with your money.
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