If You are Over the Age of 18 and You Own Property or Have Children, You Need Estate Planning
Once you are over 18 years old and you own property and/or have children, you need to consider preparing a Will and other estate planning documents. There are sad cases where a distraught parent who has suffered the loss of a young adult child, must also go through the administrative process of being appointed to handle the estate. They are saddled with transferring bank accounts, auto mobiles, or other property. These tasks can be extremely burdensome to a parent during this time of loss. A will provides a great deal of comfort at a difficult time.
A Will and other estate planning documents can protect your loved ones and your assets:
-If you have young children and you die without a will, someone will have to make an application to the court to be named their guardian and trustee. A will allows you to designate the right person — not just any relative who steps forward and may be a stranger to your children.
-If you die without a will, you may have lost the ability to utilize important tax saving devices that would reduce estate taxes.
Preparing for death is important to your family. It is also just as important to plan for a disability or serious health care options during your lifetime. By preparing a Power of Attorney you will designate who can make decisions for you if you are incapacitated.
You can decide what health care you want and (correct-wantor) appoint someone to make those decisions for you by preparing a Living Will (also known as an Advanced Medical Directive). Should you become incapacitated, you will not be capable of drawing up these documents. These are the estate planning tools you need to protect your family.
Before it’s too late, contact Anna-Maria Pittella to prepare your family’s estate planning tools.