By Julia L. Frey. What are the “ABC’s” of estate planning? Over the next few weeks we will discuss some simple but important concepts as we discuss the “ABCs” of estate planning. Today we will discuss “A” and “B”.
A Always be Prepared. There is no such thing as being “too prepared”. Don’t wait until you are getting ready to go on a trip or you get diagnosed with a significant medical issue to think about how to prepare for your lifetime legal needs and your family when you are no longer living. And don’t ignore these important legal issues and documents, because you will leave a mess for your loved one’s when you are gone.
B Basics. The basic estate planning documents that you should consider for yourself and to provide for your family are a Will or Trust, a durable power of attorney, health care surrogate designation and living will. Issues you need to consider is how will your children be raised if both parents are gone? Who will raise him or her? And how will the child be provided for financially? Is a child financially mature? When does a parent’s “care” end? How is your spouse with financial matters? What happens if you get incapacitated?