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Estate Planning: Prepare Now to Avoid Significant Consequences Later

A recent Wall Street Journal article noted that the financial consequences of failing to keep your documents in order can be significant.  While planning for the end of life can seem like something for another day, preparing for your death or untimely demise in event of an accident can help avoid unnecessary stress and financial cost for your family and loved ones. The essential legal documents that need to be prepared are your Will and Power of Attorney. These documents can help to:

  • Legally document who’ll take care of your children and preserve your assets for your children or other beneficiaries until they are able to manage them themselves
  • Ensure that your assets won’t get tied up in the court systems, including financial, estate and personal assets
  • Appoint a person(s) to make health care decisions for you if you are unable to
  • Avoid unnecessary expenses, worry and frustration

A will allows you to dictate who inherits your assets. A power of attorney allows you to appoint one more people to handle your health care, legal and financial affairs if you’re unable to. Your spouse does not have natural power of attorney! It can also reduce the risk of a guardianship proceeding if you become disabled. Once your will is drafted and signed and you’ve determined a power of attorney, you should detail in writing where your legal documents are located and advise your children or other family members.  Read more about simple preparations you can make now in the article below. “The 25 Documents You Need Before You Die”. The Wallstreet Journal. Web. 14 July 2011 “Protecting Your Future: Enhanced power of attorney a big plus”. Record Online. Web. 14 July 2011 Visit the Online Legal Documents section of our website for online Wills and Power of Attorney documents.  Unlike other online legal document services, our Estate Planning documents are reviewed by Finkelstein & Partners attorneys.