by Lauren Weliver, Elizabeth Hunt and Kristin Hebert-Grande
Valentine’s Day is a celebration of love. This year, consider extending that love beyond the present moment by planning for the future. Creating an estate plan isn’t just about allocating assets—it’s about ensuring that you, and those dearest to you, are cared for no matter what life brings. Whether it’s planning for medical emergencies, safeguarding your family’s financial well-being, or making your wishes clear, an estate plan provides peace of mind and helps save your loved ones from unnecessary stress and expense. Here are a few ways you can show the love to yourself and your family through an estate plan.
Understand Probate and its Alternatives
The word “probate” tends to carry negative connotations in people’s minds, as it can be an expensive and tedious process depending on where you live or where you own property. But working with an estate planning attorney to gain clarity on what probate administration would look like—and what alternatives are available—will allow you to decide what makes the most sense for your family and your assets. There is no “one size fits all” when it comes to estate planning. Working with an attorney will help provide clear guidance for the people in your life who will ultimately be responsible for seeing your wishes through.
Plan for Health Emergencies
Estate planning does not only determine what happens to your assets after your death. It can also provide you with the tools necessary for others to care for you in the event of a medical emergency or your incapacity without needing court involvement. For example, creating an advance healthcare directive allows you to provide guidance to your loved ones when making crucial health decisions for you. Without such planning, conflicts may abound when family members disagree about your care. Executing a valid and proper power of attorney similarly can ensure that the right person keeps your financial life afloat in the event that you are not able to do so yourself.
Provide for Minor Children
If you have young children, an estate plan can allow you to nominate who would care for them in the event you cannot. Without such a plan in place, a judge would make that decision for you. Furthermore, devising money directly to minor children in your life—whether it be your own children, grandchildren, or nieces and nephews—can create legal complications and added expenses. An estate plan allows you to efficiently and properly plan for a minor child’s potential inheritance so that your hard earned assets are not squandered.
Consider Options for Blended Families that Minimize Conflict
There are many considerations for blended families to take into account when making their estate plan. There can be delicate family goals and dynamics when we think about how to leave our assets to our surviving spouse and our children from a prior marriage, and various applicable estate laws that may be involved. Good counsel is critical in these situations so that we avoid pitting surviving spouses against step-children.
Show your love this season in a way that will last. Our team of experienced attorneys is here to help you navigate the estate planning process, ensuring your wishes are respected and your family is protected for years to come. Happy Valentine’s Day!
