Estate Planning is for EVERYONE
A recent article in the Omaha World Herald which was picked up from the Dallas Morning News is right on point on the three aspects of estate planning: preserving, managing and distributing. (Yip, Pamela “Estate Planning not just for the Wealthy”, Omaha World Herald 7 July 2014 1D & 3D. Print. )
As the article points out, many people, even when they do not have many assets, still need to worry about managing or controlling their health care and finances while they are still living, but unable to do so on their own. (Id) Many people have a bank account, a vehicle and maybe even a home. What would you do if you were in a vehicle accident or something causes you the inability to handle your own finances and health care decisions? This is exactly where a good estate planner has you prepared. A power of attorney can be set up for finances and health care decisions so that you have nominated the person you wish to make those decisions for you in these unfortunate circumstances. In addition, a living will (advanced directive) can be put in place so that your loved ones know what you intentions are in regards to life-sustaining treatments; this can be a way to relieve the stress of making that decision from your loved ones.
A last will and testament, living trust, or other tool can be used to distribute your assets; even if there is not much to be distributed, it can provide clarity and allow you to protect minor or disabled children. In addition, you can distribute items to the benefit of charities or organizations in addition or instead of your heirs. In Nebraska, we also have Deed instruments that can be used specifically for real estate to avoid the probate process upon your death and may be a means to both preserve and distribute your real estate upon your passing.
A good estate planner listens to your goals and directs you to the documents you need to put into place a plan that preserves, manages and distributes along with your desires. Please call our office and set an appointment to meet with me, we offer a free initial consultation to review your current plan and listen to your goals to point you in the right direction for the Estate Plan that fits your needs.
© Roxanne M. Alhejaj, Attorney at Law