Who Needs To Do Estate Planning? (Also known as: Who needs an estate plan?)

The short answer: EVERYONE. Okay, everyone who is over 18 years old.

If you are over 18 years old, you need some form of estate planning. The type and extent of estate planning can vary depending on age and assets and status.

Once someone turns 18 years old, that person is legally an adult. And once you're an adult, no one can make financial or medical decisions on your behalf unless you give them that right. Not even your parent or your spouse. (Yes, not even your spouse!)

You give someone the right to make financial or medical decisions on your behalf by executing (signing) a power of attorney: a financial power of attorney (also called a durable power of attorney, also called a property power of attorney) and a healthcare power of attorney (also called a healthcare directive).

What happens if you're over 18 years old and you don't have a power of attorney? If you are ever incapacitated, and need someone to file taxes for you or make a decision about the course of medical treatment, and you do not have a power of attorney in place, then your loved one has to go to probate court to get the right to be able to make those decisions on your behalf. This is true, even if it's your spouse.

Who wants to go to court to do something that you can take care of now?

In addition to powers of attorney, you may need a will or a will and a trust. A trust is strongly recommended for anyone who either has a minor child or owns real property (i.e. a house or condo).

Please contact me for a complimentary consultation to find out if you only need powers of attorney or if you may benefit from a more complete estate plan that includes a trust, will, and powers of attorney.