When is the right time to do your estate planning? This is a common question but it misrepresents what exactly estate planning is by portraying it as a single event that just needs to be done once during our lives. Instead of thinking of estate planning as a single event, look at it like a process that changes as we change. An estate plan that contains all our important wishes and instructions can provide valuable piece of mind. As we change and our priorities change, so should our estate planning.
One fundamental part of estate planning includes naming a person or persons to act on your own behalf, so that those you love will have clear authority and instructions as to your wishes. Without these instructions and appointments, family members generally would need to obtain a court order before they may act on your behalf. You also may appoint a trusted person to be a guardian for your minor children. Not only do these appointments and instructions save time and money, it allows you, rather than some court, to name the person you trust the most to make those critical decisions.
Estate planning also allows you to name whatever beneficiaries you wish in whatever way you think is best. You can even leave assets for your beneficiaries in ways that can be protected from their creditors, divorcing spouses, and other liabilities they might have. Without these instructions and protections, your beneficiaries will be defined by law and those beneficiaries would likely need court approval through probate before they are able to inherit anything and what they end up inheriting may be taken away from them by creditors.
Often our younger clients are concerned about mortgage payments, guardian for minor children, and asset protection from working activity. Our older clients often prefer different things such as the surety that their intentions will be followed and added protections against things like Medicaid liens. Because everyone’s goals are different, we take time to understand goals and concerns and generate a plan that specifically addresses these important issues.
Getting the opinion of an estate planning attorney or Medicaid attorney at Priority Law can provide valuable information, protections, and assistance. Contact us today for a complimentary meeting by phone or in person at firstname.lastname@example.org or 801-960-2750.