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Estate Planning

It’s not just for rich people.  It’s not even just for people who are married with kids.

If you’re among the vast majority of Americans who don’t have a will or living trust, it’s time to think about what will happen to your family and your earthly possessions in the event of your untimely demise.

If you haven’t made these plans by the time you need them, the state has a plan for you. 

When was the last time the government planned something well for you?

Will or Living Trust?

You need to speak to an attorney (not a forms salesperson) to determine the best alternative for you and your family.  You may plan how your estate (the stuff that’s left after your untimely demise) is disposed with either a will or a living trust.  There are a number of important differences between them, however.  The most obvious is when and how the work is done.

In general, a will is quicker and less expensive for you to set up, but they take more time and expense to administer by your loved ones.  A living trust is the other side—it is more difficult and expensive to create correctly, but generally less burdensome on your loved ones to administer.

There are special considerations if you have minor children, if you have been divorced, or if you have substantial assets.  In any of these cases, the government’s default plan for you probably won’t coincide with your goals.

Medical Power of Attorney or Physician’s Directive?

Most people don’t want to plan for death.  Some things can be worse than death, however, and even fewer people plan for those situations.

What if you couldn’t tell your doctor what to do for you?  Worse, what if you couldn’t tell your doctor what not to do for you?

You can plan ahead for these situations.  Don’t make your loved ones guess at the most stressful time in their lives.

 

 

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