By Kerry Rosenquist |
NEW YEAR, NEW ESTATE PLAN
With the New Year comes new resolutions. If creating an estate plan is not on your list, it should be as you never know when you will need one. The best part of having an estate plan done is you will barely need to lift a finger as your attorneys will do all of the work for you. If only all New Year’s resolutions worked like that!
Some might believe they do not have sufficient assets to justify an estate plan, but that is not the case. If you have anything of value (i.e. bank accounts, a vehicle, personal property, debt, etc.), creating a plan of what to do with your property will make it easier on your loved ones in the event of an unexpected situation. While it can be scary to think about, accidents can happen to anyone. Should something happen, it is a good idea to have a plan in place to let loved ones know your wishes if you become incapacitated.
To get started, write down a list of your assets, and then decide on the receiving beneficiaries. A beneficiary is the person or entity who will inherit your assets when you pass away. This will be beneficial when drafting up your Last Will and Testament. Rather than leaving the distribution of your assets up to the government which will happen if you do not have an estate plan, the decision will be yours.
Deciding on a personal representative, and maybe a back-up one, is also something to consider when thinking about a Last Will and Testament. This person will assist in settling your estate. The personal representative should be a family member or close friend who is willing to take on the responsibility of working with lawyers and tax professionals to ensure the estate tasks are executed timely and properly.
Having a Living Will is another important aspect of an estate plan. This document will state your wishes for end of life medical care. It covers areas such as life-prolonging treatment, administration of nutrition, administration of hydration, etc. If you’re ever in the situation where you can’t express your medical wishes, this document will ensure your family members/doctors aren’t left guessing and perform something you wouldn’t have chosen for yourself.
Creating any sort of estate plan can be tricky, and it is difficult to know where to start. Contacting an attorney to assist you in the matter makes the process a lot easier.
Contact Rosenquist Law Office by phone: 701.775.0654 or by email: lawinfo@rosenquistlawoffice.com to set up a free consultation.
*The information contained in this article and on this website is for informational purposes only. This information is not legal advice and should not be relied upon as so.
