You don’t have to be wealthy to be concerned about your estate and financial future. Ask yourself the following questions. Do you have minor children? Do you own a home? Do you know who you would want in control of your decision making should you become incapacitated for any reason?
For most adults the answer to at least one of these questions is yes. To protect these interests it is recommended to prepare an estate plan that contains at least the bare minimum of a will and durable powers of attorney. They inform those you love in the event of your incapacitation or death and will ensure your wishes are fulfilled.
Durable powers of attorney are written documents whereby you authorize someone to act on your behalf. For example, if you were to become physically or mentally incapacitated you could appoint a family member (the agent) to make medical decisions on your behalf. The agent could be advised by you in advance as to how you would like each medical situation to be dealt with should it occur.
Another type of durable power of attorney is for finance and asset management. If incapacity should occur, your agent can maintain your financial affairs until you are again able to do so, without the court having to appoint a guardian. That way your financial needs continue to be provided for.
To learn more about your estate planning options please contact our office to speak with an experienced attorney.