The one thing in life that you should not put off is your estate planning. We all think we have at least one more day, but if you listen to the news, you should know that accidents happen every day. Not only should you prepare for your family's well-being after your death, but you should also be prepared for an unseen event that could leave you incapacitated. In the latter instance, others may end up making decisions for you if you have not made them in advance.
Just exactly what do you need to have prepared? A last will and testament for one, and possibly a revocable living trust. Unfamiliar with either of these? Call us -- we can help you decide what is best for your situation and walk you through it.
You should also have an advance medical directive to make life-and-death decisions in case you somehow become incapacitated. A financial power of attorney is also needed to name someone you trust to take care of your finances. If you do not have a spouse or someone who can access your funds, bills may have to go unpaid in the event you become incapacitated -- even with the money sitting in the bank.
Specific times when you may need to make changes to your estate plan -- for instance, your beneficiaries or named power of attorney -- might include if you get married or divorced. Your second spouse may not be too happy in your demise to find that your first spouse is still entitled to all of your life insurance. Having another child or adopting a child is another time when you will probably need to revisit your planning to make sure the new addition to the family is included. If a spouse or family member who is named in your estate documents dies, you will need to remove them from your plan and make the necessary changes.
Estates, trusts and living wills -- they may sound confusing and complex. That is what we are here for. We can simplify the process, making sure you fully understand your options. Contact our Lexington or Louisville office today (don't put it off) and we will be more than glad to assist you in whatever estate planning needs you have.