The holidays offer a rare opportunity for loved ones, near and far, to be together without rushing out to work or attending to other obligations. Children are home from college, and adult children scattered throughout the country come home to be with their families. The relaxed holiday season’s atmosphere can be the right time to discuss estate planning. At McGee Law, PLLC, we understand that estate planning is a sensitive topic. However, talking to your beneficiaries about your future and legacy is essential.
Estate Planning is for Everyone
While discussing your legacy with your loved ones this holiday season, consider educating the younger generation about estate planning:
- For those just entering adulthood, starting a plan that includes a healthcare surrogate is in their best interest. We all know that life is unpredictable. It is crucial to appoint someone who can make medical decisions on your behalf if you are unable to express your wishes, such as after a catastrophic accident or sudden illness. Remember, once you become 18, your parents are no longer your legal decision-makers.
- For those in their midlife years, now is the time to protect the assets, businesses, and families you have built. If you have children or disabled dependents, you can appoint a pre-need guardian for them in a will. Midlife years are filled with transitions and milestones; it is best if these are reflected in an estate plan.
- As you retire, you may already have an estate plan. However, the many changes in your circumstances might warrant updating or revising your documents. Failure to have an estate plan or to update your plan can lead to many complex legal and financial situations for those you leave behind.
Estate Planning Tools
- Wills: A will is the foundation of an estate plan. It outlines your wishes regarding distributing your assets, properties, and personal possessions. Additionally, you can appoint a pre-need guardian for your children or dependent adults.
- Trusts: These documents specify who will receive your assets, and they benefit your beneficiaries as they bypass the probate process. In addition, a successor trustee can manage your estate if you become incapacitated. Trusts can be revocable or irrevocable. There are many types depending on your needs.
- Healthcare Surrogate: If you become incapacitated and cannot make healthcare decisions, a healthcare surrogate has the legal authority to act as your advocate. They can ensure your medical treatment wishes are honored.
- Durable Power of Attorney: A Durable Power of Attorney authorizes an individual you trust to manage your finances in your absence or if you become incapacitated. An agent can pay your bills, sell properties, oversee your investments, and handle any other financial matters that may arise.
- Living Will: A living will is a document where you can list the specific medical treatments and procedures you wish to receive or refuse for end- of-life care. Examples are artificial nutrition and hydration, dialysis, blood transfusions, and pain management.
- Beneficiary Designations: You can designate an individual to receive your financial account’s payout directly without going through probate. Examples are life insurance policies, annuities, bank accounts, and retirement accounts.
- Digital Asset Plan: Creating an inventory of your digital assets for your loved ones will help them access and manage your social media, credit card accounts, emails, videos, and other digital items if you are incapacitated or after your passing.
Peace of Mind for You and Your Loved Ones
While discussing estate plans may not be as exciting as opening presents or decorating the Christmas tree, these conversations allow open and honest discussions about your future. You can explain how your estate plan provides financial security for your loved ones, setting an example for other family members and future generations to do the same.
Schedule a Free Consultation Today at McGee Law, PLLC
Whether you need to initiate an estate plan or update your current plan, the legal team at McGee Law, PLLC, is here to help. With the right estate plan, your family will be protected long after your passing. Additionally, we assist beneficiaries, trustees, and personal representatives who have lost a loved one and are navigating the probate and trust administration process.
Fill out our contact form or call us at (386) 320-7300 to schedule an appointment at our Palm Coast, Florida, offices. Take the first step toward building a lasting plan or update your current plan to provide security for the years ahead.
