Don’t Wait too Long To Plan Where Your Assets Will Go

Plan where your assets will go

Wills, powers of attorney, health care directives, and, in some cases, trusts are all basic estate planning documents. Both during incapacity and upon death, these documents are crucial for carrying out your wishes. Having taken stock of your assets and considering your ultimate wishes, you should consult a qualified attorney.

Considering One’s Own Mortality

There are those who believe it doesn’t need to be considered. After we die, the things we leave behind will not matter to us. Our assets will be handled by someone else after we die. It is possible to remain alive even if one is unable to function independently after an accident or serious illness. In this case, you may wish to consider selecting a person to supervise your care and make decisions on your behalf. 

Why Make an Estate Plan?

When you pass away or become incapacitated (for example, due to injury or illness), the state has procedures in place to deal with your property. You may not achieve your objectives with the plans in place, and they may be costly and time-consuming. You minimize your loved ones’ burden by making an estate plan when you die or become incapacitated. 

One has many questions to consider…

  • Is it imperative to you to stay at home for as long as possible if you are incapable of making your own health decisions? In the case of unconsciousness and a low chance of regaining consciousness, would you want a feeding tube, life support, and extraordinary efforts to keep you alive?
  • Who would you trust to handle your finances if you were incapable of making financial decisions, writing checks, etc.? 
  • Which person would you like to take care of your estate administration?
  • Is there a specific school or charity you would like the funds of your estate to benefit?

If you choose someone to fulfill these duties, your estate will compensate them. A comprehensive estate plan ensures that all of your assets benefit the people, charities, or causes that are dear to your heart. The Kanthaka Group enjoys working with clients so they can set themselves and their families up for success. Our past experiences provide us with the knowledge necessary to assist clients throughout the planning process. The earnings you have earned and the legacy you are creating deserve to be handled with care. For a consultation with an estate planning lawyer, please contact our team!