Labor Day Weekend is behind us – Those lazy summer days are over and those beautiful summer evenings are numbered. If you have school-age children, you’re back to early mornings, helping with homework, and shuffling them to and from after-school practices and activities. If you don’t have young children, the yellow buses on the roads and Friday night lights remind you that school is back in session. It’s that time of year where life is back on schedule. We have cooler nights and the promise of fall colors, pumpkin patches and apple-picking on the horizon. And…the craziness of the holidays is still a couple months away.
So what better time than now to get your personal affairs in order? This includes considering what happens in the event of your death or disability – that is, estate planning. A basic estate plan for everyone over the age of 18 (because your parents are no longer your legal guardians once you reach this magic age!) should consists of:
- Advanced Directives for Health Care (i.e., Health Care Power of Attorney, Living Will, HIPAA Authorization)
- Property (or Financial) Durable Power of Attorney
- Simple Will
These few documents can make a world of difference in the event you become incapacitated or die. Either is devastating to a family. But the turmoil and confusion in dealing with these events is even worse if you have not provided any direction as to what to do. Do you really want your family to suffer any more than necessary if something happens to you?
While these basic documents will help with many of the challenges faced by a family in the face of a death or incapacity of a loved one, there is more that you can do. Protecting assets for your children or other beneficiaries, streamlining administration, and avoiding unnecessary court costs and legal fees upon your death or disability, are all possible with a little more thoughtful planning by you.
A carefully drafted and fully funding revocable living trust plan can serve you and your family in many ways. It sets out the road map to be followed if you fall ill and need help managing your finances. It includes directions for the payment of taxes, debts and expenses following your death, and provides instructions as to how to distribute all of your remaining assets to your family, friends, or charities. It can provide for trusts to be held and used for the benefit of loved ones who are minors, disabled, fiscally immature, or in a high-risk business or a questionable marriage, so that their inheritance is protected. And all of this can be accomplished privately and without court involvement.
We would be happy to sit down and talk with you so that we can help you take care of yourself and your family. It’s what we do. And do it now, so that you can then relax and enjoy all the fall fun, chilly nights in front of a warm fire, and the holiday festivities coming your way in the next several months! Should you have any questions about estate planning, or would like to schedule a free initial consultation, please contact Waltz, Palmer & Dawson, LLC at (847)253-8800 or contact us online
Waltz, Palmer & Dawson, LLC is a full-service law firm with various areas of service to assist your business, including: Employment Law, Intellectual Property, Commercial Real Estate, Business Immigration, Litigation and general Business Law services. Individual services include Estate Planning, Wills and Trusts, Probate, Guardianship, Divorce and Family Law, Collaborative Divorce & Mediation.
This article constitutes attorney advertising. The material is for informational purposes only and does not constitute legal advice.