Estate planning is for everyone. It is not for just the elderly or
for individuals with substantial assets. We have witnessed many
unfortunate situations where family members dealing with the untimely
death of a loved one are subjected to additional upset because the
person died without a Will, or with a Will written many years earlier
which is no longer appropriate for the family circumstances.
The basic purpose of a Will is to provide for the disposition of your
assets. In addition, your Will designates who will play important roles
after your death. The executor named in the Will has the responsibility
of making certain that the decedent's wishes are carried out and that
the estate is administered according to law. Mothers and fathers of
minor children should use their Wills to identify the person or persons
whom they would like to serve as guardians for the children if the
parents die before the child reaches the age of eighteen (18).
Most Wills provide for estates to be left outright to the
beneficiaries, without any restrictions. However, some beneficiaries,
because of their youth or other circumstances, would not be in a
position to properly manage an inheritance. In those situations, a trust
may be advisable. A trust is a legal arrangement whereby one party,
known as a trustee (either an individual or a trust company), manages
the inheritance on behalf of a beneficiary or beneficiaries. Some
clients have testamentary trusts included in their Will, which go into
effect upon their death.
In addition to a Will, it may be advisable, as part of the estate
planning process, to consider having documents in place such as the
following:
A Living Will (a declaration of what kind of life-sustaining
treatments you would or would not want to be administered to you in
the event that you become unable to communicate and become either
terminally ill or in a state of permanent unconsciousness);
A General Power of Attorney (whereby you would authorize someone
to handle financial and business matters on your behalf);
A Healthcare Power of Attorney (whereby you would authorize
someone to make decisions of a medical nature if you become unable to
do so).
