Life Situations
Married
Families are unique. A professional estate plan is the best way to ensure your loved ones are cared for to avoid the complications of courts and state intestacy laws. That’s why it’s essential to have an estate plan—no matter your life stage. An estate plan makes it possible for the care of your family. Whether you have minor children, children from a prior marriage, or want to make sure your spouse receives enough to live on while caring for your family.
Civil Union or Domestic Partnership
Being in a domestic partnership or civil union may not afford the same rights as a legal marriage. However, you can be confident that your wishes, plans, and dreams will be documented and honored by your friends and family with proper estate planning.
Single
Being well-prepared for the future is more important than ever when you’re single. An estate plan should help you achieve peace of mind by ensuring that your final wishes are followed. Then, a trusted individual can step in if necessary. In addition, you will need to have an up-to-date will naming a guardian for any children or other dependents, a durable power of attorney for finances, and designation of health care surrogate decision-maker. We understand that it can be challenging to think about the future. But with the durable power of attorney, designation of healthcare surrogate, advance healthcare directive, and HIPAA authorization—essential decisions can be left to someone you know and trust.
Children
Naming a guardian for a minor child in your will does not prevent probate or court control of assets for the minor’s care. For example, suppose you are the single parent of a minor child or children. In that case, a revocable living trust gives instructions for the guardian to use the assets to care for your child without interruption or court supervision.
Grandchildren
As you mature into your senior years, you may want to consider taking steps to provide for your children, grandchildren, and other future generations. You may also have concerns about how to leave assets and property while ensuring they are used responsibly by the people you trust to look after them. When planning your estate, it is essential to have healthcare documents and powers of attorney in place. And to give access to your medical records so that the right people have these critical documents. In addition, these trusted individuals should be capable of handling financial matters related to long-term care. Finally, they should take care of other aspects of your life if you cannot make these decisions independently.
Dependents with Special Needs
Special needs planning is a complex and sensitive area of law. There’s no room for error because it involves your loved ones and their future well-being. A special needs trust allows you to provide for a beneficiary with special needs while still allowing them to qualify for certain benefits like Medicaid or Supplemental Security Income (SSI). If you need help creating a special needs trust, consult with an attorney specializing in this area.
When it comes to estate planning, many people have questions about how to provide for special needs beneficiaries. For example, suppose you leave your assets directly to a special needs beneficiary. In that case, that person may unintentionally prevent that person from qualifying for valuable government benefits. That’s why it’s essential to consider having a trust if you have a loved one with special needs. A carefully drafted trust can help provide for individuals with special needs without jeopardizing their government aid. A trust can also include instructions regarding their care, safety, and welfare. Finally, a trust instructs how your assets are used for a loved one with special needs in the estate plan.
Blended Family
Blended families are a beautiful thing. They remind us that love knows no bounds and should be celebrated. However, an unintended consequence of a blended family is its challenges in terms of estate planning. For example, who will care for your spouse and or children if you become incapacitated? How much money/property do each parent have coming to them? If something were to happen to both parents simultaneously, who would be responsible for the children? These are just some questions that can arise in this type of situation.
Senior
Senior citizens often face many concerns, including health and finance. As you age, you may discover that you need to plan for these events and protect your assets. A professionally drafted estate plan can provide peace of mind by allowing you to name agents in a power of attorney, trustees for a trust agreement, or beneficiaries for your estate plan. You can also leave a lasting footprint in your community by creating a private foundation or funding a scholarship in your name.