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Summary
- Stop Fretting About the Future
- Stop Worry About Your Family and Protect Them
- Avoid Court Intervention in Your Private Affairs
- Leave a Legacy and Never Stop Teaching
Life is uncertain. Accidents happen. Unplanned events occur. Health can go from good to bad in a heartbeat.
Families are greatly affected and impacted every day, but you can pick if that impact will be positive or negative. When you get your affairs in order, not only are you putting steps in place to ensure the well-being of your loved ones but you are also shaping your legacy in a meaningful way.
Design your plan to positively impact those who love and need you so that even IF there were a situation where you can no longer financially or emotional support others, you can still maintain control over your own legacy.
Reason #1: Stop Fretting About the Future & Your Choices by Getting Peace of Mind
You should prepare not only for when you pass on, but also for incapacity. At some point in time you could suffer from injury, have a medical incident, dementia, or some other form of incapacity. Without your plan in place, this incident may leave you helpless, at the mercy of people and institutions that don’t know you or know what you want. (Adult Protective Services…)
The chances of you becoming unable to make your own decisions, that is becoming incapacitated, at some point in your life is high.
Even being in a “simple” car accident can leave you unable to make legal decisions for months, until you are off the painkillers. Not to mention what could happen if you hit your head.
You get peace of mind about what will happen during these times by having your legally enforceable plan in place. Make decisions now and pick who will make your decisions later. Know that you have picked a strong person you trust to make decisions in times that you can’t, or don’t want to, make decisions.
While nobody can predict the future, you can make sure your future decisions will be made by somebody you trust and that can carry out your wishes.
You create your crystal clear, legally enforceable instructions to your “attorney-in-fact” about who is in charge and the decisions they can make. You can even spell out specific decisions.
You can create clear, legally enforceable instructions about what will happen to your assets now and later that give you peace of mind before something happens.
Reason #2: Stop Worrying About Your Family & Protect Them
During already tough times, why force your family to make difficult decisions?
With your plan, you can ease the burden on your loved ones in difficult times and make a positive impact.
Without your plan, your family could be in Court for years fighting over what is left. Your family could be in Court for years fighting over your healthcare if you don’t leave them clear, legally binding instructions.
Without your plan, the State has already decided who gets how much and when they get it. You can plan to skip the Courts and get your family the money they may desperately need as quickly as possible, without a Judge standing between them and the money and other property. And, the Court route is expensive in time and money.
Without your plan, your family may have to make tough decisions under very difficult circumstances, at a time when they really need your wisdom, even if it is only in writing.
If you have minor children, they could end up in foster care, even for one night. On the worst day of their lives, do you want them to have to go with Child Protective Services, even if it is just overnight?
You can take steps to make sure your family knows what you want and how you would make your decisions.
You can take steps to protect your minor children.
If you have children with credit problems, or creditors hounding them, your plan can protect the money from their creditors and help them get back on their feet.
With younger children (under 30) you can hold the bulk of the money back so they can mature and learn to manage money before getting a large lump sum.
If you have children with drug, alcohol, or gambling issues, you can hold the money for when they recover from their addiction. In the meantime, you can make sure they have a place to live and the bills are paid, without giving them the money directly.
You can plan to make sure your family gets what they need, when they need it, how you want them to have it instead of the Laws and Judge.
Reason #3: Avoid Court Intervention and Interference with Your Personal, Private Affairs
If you don’t have a crystal clear, legally enforceable plan, you risk somebody (perhaps somebody you wouldn’t approve of) going to court and “ripping your rights away.” That person gets to take over making your decisions. The courts basically rip away your right to make your own decisions and give them to somebody else. And, there are many decisions that must be made under future court supervision. Not to mention the annual reports due to the court. All of this comes at an emotional and financial cost. And the cost to your dignity may be high.
Everything involved with this process becomes part of the public record. You not only get your rights “ripped away,” you lose your privacy too.
If you don’t have a Last Will and Testament, or just a Last Will and Testament, your family will probably end up in court to wrap up your final affairs. Your assets will be passed out under the supervision of an impersonal Judge who must follow the law and the mandates of your Will (if you have one). If the law and your Will conflict, the Judge gets the final decision about your personal desires.
You have ways to protect your privacy from public scrutiny! You can defend your dignity!
Reason #4: Leave a Legacy and Never Stop Teaching
You can use your plan to leave a legacy and a final message to your children and loved ones. Perhaps even a short video.
With your plan, you can even leave a legacy of what is important to you. You can continue to teach your children.
If charity and giving are important to you, use your plan to leave money to those charities. Show your children how important giving is.
If you have special people in your life outside of your immediate family, you can leave them a small gift as a remembrance. It means more than you think.
You leave a legacy of love with your plan.
NEXT STEPS
Life is uncertain. Accidents happen. Unplanned events occur. Health can go from good to bad quickly.
Your family is depending on you to care for them, even if you can’t be there.
For more information on how your plan can take care of you and your family:
Give us a call at (479)717-6300
OR
Click here to get the book Secrets of Excellent Estate Planning.
Prefer getting your book by mail? Click Here.
If you would like to talk to us, then give us a call. (479)717-6300.
If you are ready to create your plan, then we will sit down with you for a complementary initial planning session. (479)717-6300.
Provided as an educational service by Gary DeWitt, Attorney at Law. If you have questions or comments in the areas of Estate Planning, Wills, Trusts, Powers of Attorney, Medicaid, Medicaid planning, or Probate feel free to contact Gary.
Providing Services Including
Wills ♦ Trusts ♦ Financial, Legal, and Healthcare Powers of Attorney
♦ Revocable Living Trusts
♦ Probate Avoidance ♦ Healthcare Powers of Attorney
♦ Probate and Estate Administration
♦ Special Needs Planning ♦ Special Needs Trusts
♦ Medicaid Planning and Applications ♦ Long Term Care Planning and Selection
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