You Can't Take it With You. Here's What You Can Do.

Since you can't take your assets with you, it's essential to have a plan for distributing them upon your death. A proper estate plan typically includes:

1. A Will
2. An Enduring Power of Attorney (POA)
3. A Living Will or Health Directive

A Will

A will is a legal document that outlines your wishes for asset distribution after your death and names an executor to carry out those wishes. While many jurisdictions allow you to create a will without a lawyer, it's advisable to consult an estate law specialist to identify potential issues. If you have minor children, consider naming guardians in your will.

An Enduring Power of Attorney (POA)

A POA is a legal document that grants someone the authority to manage your financial affairs if you become incapacitated. This can be a trusted individual, not necessarily a lawyer. There are two types of POAs:

• Immediate POA: Takes effect immediately.
• Springing POA: Becomes effective upon a specified event, such as mental incapacity.

An enduring POA remains valid even if you can no longer manage your affairs. It's crucial to ensure that any financial decisions made by your POA benefit you directly to prevent misuse.

A Living Will or Health Directive

This document specifies your preferences for medical care if you become unable to express your wishes. It clarifies your desires regarding treatments like:

• Dialysis and breathing machines
• Resuscitation efforts
• Tube feeding
• Organ or tissue donation

Additionally, you can designate a healthcare proxy to make decisions on your behalf if you are incapacitated. Discuss your wishes with your family to avoid confusion later.

Choosing a Guardian

If you have minor children or dependents, it’s vital to name a guardian in your will. The guardian's role is to care for the children and act in their best interests. If the other parent is alive and competent, they may be granted guardianship regardless of your wishes.

Addressing Complex Issues

Estate planning can be particularly complex for blended families or families with dependents who cannot manage an inheritance. In such cases, a trust may provide a useful solution and can also serve as a tax-saving strategy.

Conclusion

Planning your estate can help alleviate some burdens during a difficult time. Clear communication about your wishes is essential. For guidance, consider using resources like the “Family Law Legal Planning Kit,” which includes essential legal forms and reference materials.