One of the most important, yet often neglected, areas of law that might have the greatest impact upon you or your loved ones involves estate planning. In general, estate planning covers the following topics:
- Trusts: Revocable, ILIT, QTIP, Special Needs Trusts, etc.
- Medical Durable Power of Attorney (patient advocate designations), including end-of-life decisions
- Durable Power of Attorneys for Financial Decisions
- Guardianship and Conservatorship
- Special Needs Planning: Planning for Children and Adults with Disabilities
Many people mistakenly believe that if they or a loved one should suddenly die or become incapacitated due to illness or accident that another family member automatically steps in and takes control. That may not necessarily be true. Unless you have planned ahead and taken the necessary steps for continuing asset management, the probate courts will decide who is in charge and the person chosen by the court may not be the person you want to take over.
When Should I Plan?
The answer is simple – NOW. Waiting for another day or time is easy – especially when your health is good, the future looks bright, and there are many other “pressing” tasks to be done. Unfortunately none of us can predict the future. What will happen to your spouse or child if something unexpected happens to you? ACT NOW – and know that you have done everything you could for your loved one’s future.
For more information about Estate Planning & Probate, or to schedule an appointment, contact
Foley Law Offices, PLLC at (734) 462-7500