Top Ten Reasons to Prepare A Will or Trust, A Living Will, and Medical and General Powers of Attorney
By Michael W. Sutherland
- Preparing a will or trust helps prevent your estate from passing to unintended beneficiaries.
- Drafting a will or trust can be done to meet your specific needs and goals, ensuring that your beneficiaries’ needs are also taken care of.
- Allowing your estate to pass to others without a will or trust can often be more expensive and time consuming, and require court intervention.
- Identifying a guardian and conservator for your minor children in a will or trust lets others know the people you wish to care for your children if you die prematurely.
- Examining your assets prior to preparing a will or trust helps determine whether you need special estate planning to minimize inheritance taxes.
- Preparing a living will preserves your wishes as to certain end-of life issues, such as how long to continue life support and artificial nourishment.
- Executing a medical durable power of attorney designates someone to act on your behalf to make medical decisions if you are mentally incapable of making those decisions yourself, without the need of proceeding to court for an appointed guardian.
- Preparing a medical durable power of attorney also allows you to make choices on making anatomical gifts for transplants or medical research.
- Identifying an attorney-in-fact or agent through a general durable power of attorney allows you to appoint someone to handle your business affairs without the expense of establishing a court appointed conservatorship.
- Preparing a comprehensive estate plan will allow you the peace of mind to enjoy life to the fullest, knowing that you have made adequate plans for your future, and that of your family and friends.
