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Your estate plan covers more than what you might realize

If you are an adult, you need an estate plan. There really isn't any situation that would get you out of this need unless you are truly broke and have no possessions and if you don't care what happens to you if you can't make decisions for yourself. If you have children, you need an estate plan. If you have any valuables, you need an estate plan. If you have any thoughts about what you want to happen with your medical care or your finances if you can't make decisions for yourself, you need an estate plan.

Still, there are many adults who think that there is always another day to come up with a will. There are many who think that they don't need to worry about estate planning. Up to 69 percent of parents who have children still living at home don't have an estate plan.

There are several reasons why an estate plan is necessary for you, but you might not be thinking about the right reasons. For example, if you do have children living at home, you need an estate plan that has guardianship documents in it. This ensure that your children will have a guardian if something happens to you. More than likely, you don't want your children in foster care if you pass away.

You also need to plan for your medical care if something happens and you can't make your wishes known. Designate someone as your power of attorney for health care so that he or she can make the decision for you. Make sure they know your wishes.

You should also plan for what you want you want to happen to your possessions. You can use a will and trusts for this. The most important thing for you to remember is to make the plans now so that your family doesn't have to scramble and guess what you want to happen later.

Source: FindLaw, "Estate Planning Tips: Find the Right Estate Plan for You," accessed June 15, 2017

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Law Offices of Nancy M. Rice
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