I have previously written a blog post "Steps To Take When A Loved One Dies", a long list of to-do’s that will definitely exhaust bereaved family members. You wouldn’t want your loved ones to go through this arduous process while on a grieving period. If you need a bit of a push to start your estate planning, think of your loved ones. Do it for them.
Are you hesitant because of the value of your assets?
Jody Giles, author of “Missing Pieces Plan: Providing You and Your Loved Ones Peace of Mind” says, “Even if you don’t have the wealth of Steve Jobs or Prince, what you do have means something to somebody. Regardless of the amount of ‘wealth’ you are passing on, let it be handed over based on your wishes, not your state’s laws.”
Still thinking about it? Here are two more reasons why you should seriously consider starting your estate planning NOW:
If you are a parent, you have to ensure that your child will be given the best care
even after you are gone by nominating a guardian for your children. Giles stresses that a will has a critical role for the minor children and all parents need a will, “If for no other reason than the sole purpose of
naming guardians.” This isn’t usually a topic that you or your partner
would comfortably discuss, but it is imperative. You would want to leave your
children under the care of people you trust, and not someone appointed by a
You need to have a health care power of attorney. Why? Because when there’s medical emergency and you are not able to decide for yourself, you want someone that you trust make the decisions for you. When a child reaches 18 years of age, parents are no longer legally empowered to make medical decisions for their children. In medical emergencies, you may even find it difficult to get updates on your child's condition without an advance health care directive and HIPAA Release.
Ready to take the first step but still have questions? Here are some answers to the questions commonly asked by clients and friends: