Why Creating an Estate Plan is Crucial to Your Future

Did you know that only 32% percent of people have executed an estate planning document?1 Although it may seem like an unpleasant conversation to engage in with family members or an attorney, having an estate plan is an important facilitator to have, especially in these uncertain times. Having a will and trust prevents potential family conflicts over assets and money, among other things.

Estate Plans accomplish numerous functions during health crises and following death. A will creates a strategy in terms of where your assets will go following your death. A trust is similar to a will, but its main difference is that it appoints a trustee to manage the assets, who then passes the various parts of the estate to the beneficiaries named in the document. The Advance Directive appoints the individuals you select to make serious health related decisions for you when you are unable to do so (due to incapacitation or a declining mental state) and also includes questions regarding your end of life medical treatment. A durable power of attorney allows a person you select(you and an agent) to make financial decisions for you. And finally, a HIPAA Release Form allows individuals you name to be able to access your health records. These documents are created to attempt to avoid Guardianship proceedings, a long process that can be time consuming and expensive for your family.

For more information or to schedule an appointment, give us a call at 603-526-6955 and speak to Karen Shaughnessy or email Attorney Michael Wood at mlw@mcswineylaw.com . We can help create an estate plan that includes a will , durable powers of attorney, advance directive, HIPAA release, and a trust.

Source: 1) Caring.com and YouGov Survey(2020)”

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