When people think about estate planning, they usually think about the money, house or other assets they will leave behind. However, a truly comprehensive estate plan is about more than just that. What else can your estate plan do?
Your estate plan can provide instructions for caring for your underage children
An estate plan ensures that underage children receive the care they need if their parents pass away. It allows parents to choose a guardian who will take responsibility for the children’s upbringing, ensuring they have a stable and loving environment. This thoughtful planning allows parents to ensure that their children have the care and support they need if the unexpected happens.
Your estate plan can protect your finances if you become sick or injured
If you cannot make decisions because of your health, having a power of attorney lets someone you trust manage your money. This means someone will pay your bills on time, take care of your investments and protect your property from loss or mismanagement.
Your estate plan can outline your wishes about medical treatment
A big part of estate planning is choosing who will decide about your medical treatment if you cannot. You usually do this with a healthcare power of attorney. By picking someone you trust, you make sure the care you receive reflects your medical choices about surgeries, medicines, or other treatments.
Your estate plan can plan for the care you receive at the end of your life
Many people feel strongly about the kind of care they want when they are dying. This can include their wishes about life support, resuscitation and palliative care. An advance healthcare directive, or living will, lets you clearly state these wishes, helping your family and doctors know what you want.
A complete estate plan can offer protection and peace of mind today
Estate planning is not just about assets – it is about making sure your beliefs and choices are respected throughout your life. By taking the time to plan for these important aspects of your future, you can protect yourself today while also providing for your loved ones after you are gone.