Planning for your eventual demise is not something most people get excited about. But failing to provide instructions on how your assets should be dealt with and how your loved ones should be cared for can be a devastating legacy to leave behind.
Prince, Jimi Hendrix, Howard Hughes and Pablo Picasso all died intestate, or without leaving a last will and testament, and you can read all about what happened with their estates, and the difficulty it caused.
Even if you don’t have the assets or wealth that these public figures had, if you have children, pets or elderly family members that you care for, you can avoid a lot of pain with a good estate plan.
Family dynamics change. People get married, then divorced. Your minor children should have a guardian and trustee to administer any life insurance benefits using a testamentary trust in your will. Elderly parents can actually lose their government benefits if a large distribution from your estate is left to them unexpectedly. All of these problems can be dealt with if you have the right provisions in your will.
And if you become very ill, are gravely injured and are not capable of making your own medical decisions, it is wise to have a health care proxy and living will in place. These important documents guide your loved ones on your medical wishes, and can save a lot of pain and turmoil.
Contact Dana Hall today for low cost, fixed price options for basic estate planning.