Some people think that they don’t need an estate plan because they don’t have high value assets. Unfortunately, that mode of thinking could mean that you don’t have any say in who gets your assets or what happens if you need end-of-life care.
A comprehensive estate plan will outline what happens to your assets. This is done through the will and possibly trusts. Guardianship designations convey your wishes about your children if you pass away while they’re still minors.
Power of attorney documents give someone else the ability to make medical and financial decisions for you. You can also establish an advance directive that outlines your wishes for medical care. Together, all those components protect you and your loved ones if you’re incapacitated or die.
What happens if you die without a will?
Dying without a will is known as dying “intestate.” This means that your assets will be handed out to people in your family in accordance with the order set by state law instead of based on your wishes. Without having your end-of-life plans in writing, the courts may decide what’s best for you if there are any disagreements between your next of kin and medical professionals.
Establishing your estate plan lets you have a say in all those matters. It doesn’t have to be an ordeal to put an estate plan in place if you have experienced legal guidance. This can help you to ensure that everything is in order and that your loved ones can settle your estate as quickly and easily as possible.