August is National Make-A-Will Month

Summertime conjures thoughts of time at the beach, traveling to new places, or just enjoying the longer days. The slower pace of life and time away from your usual obligations gives us a chance to think about big picture goals. With National Make-A-Will month upon us, it is a good opportunity to put in place a plan that ensures your loved ones are taken care of no matter what.

One important tool you can use to provide that security for your loved ones is an estate plan. A basic estate plan includes a will, a durable power of attorney for financial and legal matters, and a health care power of attorney.

The primary purpose of a will is to designate who will inherit your assets when you die. If you do not have a will, the laws of your home state or jurisdiction will dictate who receives your assets upon your death and the result may not align with your wishes. Further, when you establish a will, you get to choose your Personal Representative or Executor who will manage the administration of your estate.

Even if you do not have a lot of assets, a will is an important legal document for other reasons. For example, if you are a parent of minor children, you use your will to designate guardians for your children if anything should happen to you. You can also set up a testamentary trust for your minor children in your will that will earmark funds to go to your children and choose a trustee to manage those funds. If you do not have a will in place, a guardian for your children will be appointed through a court process. Once again, the result may not align with your wishes.

In addition to a will, a durable power of attorney for financial and legal matters and health care power of attorney are two other crucial legal documents that all adults should have in place. If you were to become incapacitated, these two documents will allow you to designate an agent, someone you know and trust, who can act according to your wishes to manage your finances and make health care decisions for you.

While it can feel overwhelming to think through some of these issues, having a plan in place can provide you with some peace of mind knowing that you and your loved ones will be taken care of in the manner you wish no matter what. Ozdeger Law can help you get your plan in place. Getting started is as easy as setting up a free 15-minute video consultation!