Failure to make an estate plan can cause emotional and financial hardship to surviving family members. Whether a person dies unexpectedly or after a long illness, they should have a plan in place to take care of their minor children and transfer their assets to loved ones. Proactively making a simple plan can help a family feel comfortable, knowing if something tragic happens to the family breadwinner, they will be able to survive until they are able to reorganize their financial lives.
Estate plans can be one document or a series of documents. Most people who take the time to make a plan include a will and powers of attorney for health care and finances. These may be the only documents necessary for a younger person with no children and few assets. Once a person becomes a parent, purchases real estate and starts to accumulate wealth, it’s important to get in touch with an Estate Planning Lawyer in Bainbridge Island for assistance.
People with complicated personal circumstances might also need a more complicated estate plan. For example, people who are divorced and remarried, with children from both marriages, might benefit from the services of an Estate Planning Lawyer in Bainbridge Island to ensure all of their heirs are represented in their estate plan. Adult children from a previous marriage might be left out if a person dies without a will or trust.
Documents like living wills and powers of attorney could give people control of how their doctors care for them if they are unable to speak for themselves. These essential parts of an estate plan can ensure that medical personnel treat a person according to their own wishes if they are incapacitated. Without them, doctors might seek guidance from the next-of-kin. In some families, this creates an avoidable conflict that the injured person might not have anticipated when they neglected to complete these forms. An experienced attorney might help a client decide which documents are right for them and their current situation. The plan should be reviewed and updated as necessary to ensure it always reflects the clients current needs and wishes.
