We’ve seen and learned a lot over the past year and living thru a pandemic. One action taken out of the pandemic has been estate planning and writing wills. Most of us might not think we have enough money to be eligible and qualified to have an estate plan.
According to a 2020 survey by online legal documents company LegalZoom, “Thirty-two percent of the adults under 35 who wrote a will said it was because of the Covid-19 pandemic.” While many think they don’t have “enough” assets or are too young for a will, keep in mind that medical directives and powers of attorneys are great to have in place from a young age. Just know that it’s never too early to plan to protect your assets and estate. Your estate plan will help clarify your wishes for after your death and simplify an already difficult time.
While these decisions are often-times difficult and not always top-of-mind, we have created a checklist that will help simplify the process for you. In addition, we have recently recorded a podcast episode with Head of Trusts and Estates Practice at BBS&G, Adam Moskowitz. Click here to check it out.
- Last Will and Testament
A last will and testament is a legal document that states one’s wishes as to how their assets and property is to be distributed after their death and as to which person is to assume and manage those responsibilities.
- Powers of Attorney
Choosing your powers of attorney is a crucial part of estate planning, as you are deciding who will be handling your affairs for if and when you become incapacitated. For example, if you are no longer able to handle your assets, you can designate that role to someone else for them to act on your behalf.
- Advance Directive
An Advance Directive or a Living Will, is a document that allows you to chose the more medical related decisions for once you are incapacitated. By establishing this, whoever you chose will know how to respond to your doctors based on your health care wishes.
These are just a few documents and matters you should be familiar with as you start thinking about estate planning. To explore all of the estate planning documents you will need in your specific situation, we recommend contacting an estate planning attorney or professional to assist you. Estate planning is not something you should take lightly; it takes thoughtful consideration about who will respectfully live out your wishes once you are gone. If you have any questions about how to make these decisions for your future, email us at info@shermanwealth.com and we are happy to discuss your options with you.
