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Home » Why Everyone Needs an Estate Plan

Why Everyone Needs an Estate Plan

August 31, 2012

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

Estate Planning. To many people, it sounds complicated and foreign, something only the wealthy or the elderly need to worry about. It is often not at the top of the priority list for single people or for young couples. Even parents with young children, who know they should at least have a Will, tend to think of estate planning as somehow beyond their reach.

In truth, regardless of your age, your situation in life, or your level of wealth, estate planning accomplishes certain universal goals.

Planning for Illness

What would happen to you or your family if you became very ill – or even if you suffered a debilitating injury – and you couldn’t make your own financial or medical decisions? If you are married, you might assume that your spouse would automatically have the right to step into your shoes and make these decisions for you. However, this is not necessarily the case. If you have accounts on which your spouse is not a joint or authorized user, he or she would likely hit a brick wall when trying to communicate with your financial institutions. The same problems can arise when it comes to talking to doctors or accessing your medical records. If you are not married, your friends or family members would face similar difficulties.

Without the right plan in place, financial and medical institutions require a court order before they will communicate with anyone attempting to make decisions on your behalf. This puts your loved ones in the position of hiring a lawyer and spending time and money in court during an already stressful time in their lives and yours, simply so that they can handle your daily affairs. Add in relatives who disagree over how your affairs should be managed and the trouble compounds.

Whether you are married or single, regardless of your age, you should have a General Durable Power of Attorney, a Health Care Power of Attorney, and a HIPAA authorization.

A General Durable Power of Attorney allows you to name someone to manage your financial affairs in case of your disability. A Health Care Power of Attorney lets you name someone to make medical decisions on your behalf, and a HIPAA authorization lets you direct your physicians and medical facilities to release medical information to certain, specified individuals. These documents work together to keep the details of life running as smoothly as possible for you and your family, without the need for a court order.

Planning for Death

Nobody likes to think about death, but it can happen at any time. If you have not created a plan, the family you leave behind will have to pick up the pieces. The most basic way to plan for death is to create a Will. You use your Will to leave instructions for who gets which of your assets and when, as well as to name a guardian for your minor children.

A Revocable Trust goes a step further, allowing you to distribute your assets while avoiding the time and expense of the probate process. An additional advantage of a Revocable Trust is that, since it is not subject to probate, the terms of your Trust remain private. This is not true of a Will, which is filed in court during probate and becomes a matter of public record.

Estate planning does not have to be complicated, and it is certainly not only for the wealthy or the elderly. Planning your estate is a matter of putting together a few elements that will protect you and your family in case the unexpected happens.

An experienced estate planning attorney can help you put a plan in place that is tailored to your family’s needs.

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August 24, 2020
    

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August 24, 2020
    

From phone calls to signing the final documents I was treated with respect, kindness, and understanding by Wayne & Jenn. Every business that wants their business represented well should have someone like Jenn & Wayne. They both made me feel relaxed and assured I was at the right place at the right time at this time in my life. 

~ Deborah Rucinksi, North Dakota 
Client Review
August 24, 2020
    

All of the paperwork was completed in a timely matter. Wayne was very good in explaining the trust to us. 

~Anonymous
Client Review
August 24, 2020
    

Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn.

- Anonymous
Client Review
August 24, 2020
    

This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.

Anthony G., Los Angeles, CA
Client Review
August 24, 2020
    

Everyone at German Law was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn't rush, which is good because a lot of this can be over people's heads.

A.W., Red Lake Falls, MN
Client Review
April 15, 2021
    

Excellent

Very interesting, informative and valuable information and ideas.

Valuable information.

RP
Client Review
April 15, 2021
    

5 STARS! Thanks for allowing this to be on a webinar! Very interested in this topic.

Great Estate Planning Guide

SD
November 25, 2022
    

John provided very short turn-around time that we needed. He built an amortization schedule that really met our needs. He was responsive and very easy to work with! Quick and easy!

 

Cammy was also very helpful and professional!

November 25, 2022
    

Really Liked it.
Assisted by John Oelke

November 25, 2022
    

Excellent!

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