Even though most people understand the importance of estate planning, they tend to delay it, putting it off for later. As time goes by they completely forget about creating a will and securing their future. It’s not a topic most of us look forward to dealing with and we all have busy schedules.
What they fail to realize is that we live in a fast-paced world where nothing waits for you. With the clock running and time passing in the blink of an eye, you don’t know what the future holds for you. No one can predict the future, but at least we can protect our family’s future by planning ahead and drafting a proper estate plan.
Here are five reasons why you need to start your estate planning now instead of waiting to do it later:
1. You Need to Secure Your Children’s Future
Your children depend on you for love, care, and support. When you are no longer there, what will happen to them? By visiting a lawyer to help you with estate planning and drafting a will and trust, you can put a plan in place to take care of them.
You can assign a responsible and trustworthy person to act as their legal guardian and who will look after the care of your children as you would want. For people with minor children, drafting a will is important. Also, consider establishing a trust for your children to assure they are financially protected… In terms of a financially secure future, it is important to protect your finances and assets during an emergency.
2. You Need to Protect Your Finances
Emergencies do not come with a calling card. They arrive at your doorstep unexpectedly and you have to deal with them. By handling your estate planning now instead of later, you can protect your finances in many ways. One thing a lawyer can help you with is to prepare a financial power of attorney.
In the event you are unable to handle your finances, the person who you have given Power of Attorney to will have the authority to handle your finances in your absence. Also, if you are unable to look after them will take care of your financial affairs in your place.
The power of attorney gives them the authority to pay your bills, deposit checks, and withdraw money. This brings us to our next point — the significant role estate planning plays when you are dealing with a medical emergency.
3. You Need to Protect Your Healthcare Needs
If you are diagnosed with an illness that makes you incapable of making your own choices, you’ll want to have a health care power of attorney for a trusted person who can make critical health-related decisions on your behalf, and who will communicate with doctors, and insurance companies and. Additionally, consider making a living will where you will state the medical procedures and treatment that should be administered to you if you are facing a serious health crisis. In short, estate planning gives you choices.
4. You Need to Make Your Choices Clear
With estate planning, you can choose who gets what and who has the power to do what. It allows you to designate a power of authority to different people, one who will care for your children, one who will handle your finances, and one who will make medical decisions on your behalf, among others. More importantly, you can distribute your assets as you wish among your loved ones. You do not have to make these choices alone. Your lawyer can help you navigate them.
5. You Need to Seek the Expertise of an Estate Planning Lawyer
If you are unsure about what you need you can visit an estate planning lawyer to provide you with guidance. The lawyer will look at various factors and advise you. before you make critical decisions regarding your children, finances, and health. An attorney who specializes in estate planning will help you decide how you want to distribute your assets and who to give power of attorney to. among other factors. Once the estate plan is completed, you can rest assured that you and all those you care about will be taken care of in the manner you wish.
We advise clients to review and make updates or changes to your estate plan every three to five years. You can get more detailed information here or call the Law Offices of Arnold N. Hirsch at 480-832-3000 for a consultation. With over 35 years of experience in Arizona law, we’ll be there to make sure your wishes are carried out in the way you prefer.