Planning For Everything You Own And Everyone You Love
By Andrea Young on December 16, 2021
We are so grateful to have had Elizabeth O’Neil lead our final Empower Women Event of 2021. Liz discussed the importance of estate planning and how having certain documents and tools in place can offer peace of mind in the event of a health emergency or even death. She also emphasized that these documents should be created when you are healthy and of sound mind – not as a reaction to a crisis
Healthcare Proxy
As soon as you turn 18, naming a healthcare proxy should be a priority. Be sure you assign someone who will be able to carry out your medical wishes should you become incapacitated. Although you might be quick to appoint a close family member, you want to make sure that whomever you choose will be able to make sure your medical wishes are met, and make medical decisions on your behalf.
Durable Power of Attorney
A durable power of attorney is someone who can step in for you if you become unable to manage your affairs. For instance, if you have a sudden cognitive decline or impairment, your durable power of attorney can seamlessly step in on your behalf to make legal decisions about your care, finances, and property. Having this document in place will avoid the costly and sometimes lengthy process of going through the courts..
Trusts
There can be many benefits to creating a trust. Unlike a will, the contents of a trust are kept private from the public, allowing you to avoid probate court. Trusts can be used to protect inheritances of loved ones from creditors in addition to instances of divorce. They can also offer tax savings benefits, so it’s always wise to talk to both your financial advisor as well as your attorney to decide if a trust is a good option for you
Other considerations
- -You should revisit your estate plan every 5-10 years or sooner if there is a major life change.
- -Do your research on attorneys to find the right one. Having a trusted relationship can make a huge difference.
- -Make sure the beneficiaries of your retirement and life insurance plans are up to date.
- – The term “Executor of the Estate” is now referred to as a “Personal Representative”.
HighTower Advisors, LLC is a SEC registered investment advisor