Most people do not want to think about planning for their death or incapacitation, but for the sake of the family you leave behind, it is very important that you make preparations that could, quite simply, relieve disputes that have the potential of splitting your family. There are basic ways of doing this.
- Create a will to state where all of your property goes.
- Create a trust to state how your property will be used. For example, say your children are minors when you pass away. A trust can hold your property to be used for their benefit until they reach a certain age of maturity.
- Create guardianship directives in case you become incapacitated and cannot provide for your family’s needs.
- Create a living will to direct how your medical decisions are to be made in case you cannot make them yourself.
These are basic and simple, but they can be very important if that unfortunate incident takes place. Be prepared for the future, and don’t leave your family with decisions you should make now.
If you have a will or estate need, do not hesitate to contact Tim Baldwin.