We can’t think of a better gift to give this holiday season than an estate plan. Whether by creating an estate plan for yourself or by gifting an estate plan to your loved ones, you can provide stability, predictability, and a strong legacy.
Consider what an estate plan helps to avoid.
Estate planning protects your children and avoids delays and confusion. If you do not create an estate plan, the state has one waiting for you in the probate court. If you have more than one adult child, this can set them up for unwanted power struggles and fights over executorships and sentimental objects. Estate planning also protects your relatives from the difficult decision of who should serve as guardian of your children if both parents were to pass away before the children turn 18. Completing your estate plan lets you provide direction on what kind of care and treatment you want during the end stages of life. No child wants to be in a situation where they have to decide whether to continue life-sustaining treatments for a parent without knowledge of the parent’s wishes. Having a Will, Health Care Directive, and Power of Attorney in place gives your children the assurance of something stable and predictable, even in the midst of difficult and uncertain times.
Consider what an estate plan helps to create.
Estate planning isn’t just about who or what will get your assets. There are many considerations, such as who would be the most appropriate to assist with financial matters, or who would be the most appropriate to handle health care decisions. In the midst of this COVID-19 pandemic, it is much easier to bring up conversations about end-of-life care, guardianship, and where your assets should go. This pandemic has created an opportunity to thoughtfully consider the important work of planning for the future. Don’t forget to use the time you have this season to craft a lasting legacy for your loved ones.
We wish you a safe and happy holiday season.
– From all of us at Chandler and Brown, Ltd.