Reasons for Estate Planning

Do you know what happens if you die without a will?automatically step in and manage your financial affairs.
The courts will decide who will raise your children,A marriage license does not give your spouse
manage your assets, inherit your possessions, andauthority to act for you if you become incapacitated.
administer your estate. Heirs must usually agree on aIt's false comfort to believe that it does. All your
court appointed administrator. If some of the heirsfinancial assets including bank accounts can become
are mentally incapacitated, or under age, it getsfrozen. Your spouse may be unable to sell the house
unbelievably complicated. Add in children and spousesif she needs to. The courts will appoint someone to
from previous marriages and it can become arepresent your best interests. You have sentenced
seething pot of turmoil for your family.your family to an ongoing financial nightmare.
If your second spouse survives you, the childrenYou also need a Durable Power of Attorney for
from your first marriage could end up with nothing.Health Care and a Living Will. If you haven't taken the
The courts may set aside assets to be given to theresponsibility to legally make your wishes known you
children when they come of age, that makes itmay be kept alive and in pain as medical bills devour
impossible for your spouse to afford your currentyour estate because a family member is unable to let
home or lifestyle.you go. Your loved ones can be racked with guilt if
When there is no will and a couple dies together, thethey have to decide to shut off life support or tube
state may have to "decide" who died first. If onefeedings. Why don't we plan? We believe it will be
outlives the other, even by a few minutes, thecumbersome, time-consuming, and in most cases,
relatives of the first to die can loose out completely.very expensive.
Without proper organization your assets could goPrepaid legal provider companies offer various plans
unnoticed or become lost and loved ones may notthat allow members to call an 800 number to discuss
benefit from your years of hard work.any legal problem for a low monthly fee. The
Imagine your loved ones rummaging around yourcompanies contract with law firms across the
home and safety deposit box after you've died orcountry to offer these services--similar to the way a
become mentally incapacitated, gathering up all thehealth insurance company contracts with doctors.
papers they can find. They have no way of knowingLegal service plans provide for legal benefits, including
if what they find is up-to-date, important, orunlimited attorney consultation, will preparation and
complete. All they can really do is stuff the paperstraffic violation defense. A legal service plan will
into plastic bags and go to an accountant or lawyerprovide a Will Worksheet to make it very easy for
for help. This is a stressful and chaotic situation. Anyou. You fill it out in the comfort of your home, call
unorganized or improperly prepared estate plan canyour law firm, and send it in. You'll receive back at no
melt the glue that holds a family together.additional charge a comprehensive will ready to be
If you think you don't have much, consider that thenotarized. Your Durable Power of Attorney for Health
less you have the more your family needs a wellCare and a Living Will are also available. Take care of
written estate plan to see that it goes to them, notyour family.
taxes and attorneys.Make those decisions now while you still can. 75
Also, some of the biggest fights in estates can occurpercent of Americans don't have a will. Talk with
over personal items such as a sterling silver tray or ayour attorney about a Durable Power of Attorney
family heirloom. Planning ahead can avoid costly courtfor Property, Bank Power of Attorney, Revocable
actions and family rifts that may never be repaired.Living Trusts, Testamentary Trusts, and any other
A will can't help you and your family when you'relegal documents that could benefit your family. They
alive. If an accident or a stroke leaves you mentallymust be written carefully so they don't conflict and
incapacitated and you don't have a Durable Power ofvoid each other out.
Attorney for Property in place, there is no one to