While the goal of estate planning is to make arrangements for your debts and assets upon your death, it’s not something you should put off until later in life. There’s no telling when injury, illness, or misfortune may strike. To be prepared, take care of estate planning as early as possible. Below are several suggestions for how to get started.

Starting an Estate Plan

1. Consider a Living Trust

A will is necessary because it deals with certain issues that can’t be addressed in a living trust. For instance, you can use a will to choose a guardian for your minor children. However, a living trust is a private document that does not go through probate. This makes it an ideal document for distributing certain assets, such as real estate.

2. Create a Durable Power of Attorney

Another important aspect of estate planning is establishing what will happen if an illness or injury renders you unable to act for yourself. A durable power of attorney allows you to appoint someone to manage your finances and business transactions until you’re capable of managing your affairs. 

3. Write a Letter of Intent

A letter of intent has always been a key element of estate planning because it allows the individual to pass on their final wishes. If there’s a specific piece of property that you want to be passed on to one particular loved one, this is where you would leave those instructions. The letter of intent can also be used to share your funeral and burial preferences.

4. Update Your Plans Periodically

It’s not uncommon for people to create their plans with their lawyer and never give those plans a second thought. This is unwise, because there may be many changes within your lifetime, which would require updating your plans. For example, if you get divorced, you may want to name someone other than your ex-spouse as a beneficiary. 

5. Create a Healthcare Proxy

A healthcare proxy, also known as a medical power of attorney, allows you to choose someone to make decisions regarding your medical care. If you’re either mentally unfit or physically unable to make those decisions, someone else will have to do that for you. Without a healthcare proxy, someone you don’t trust may be appointed to make those important decisions.

6. Include Child Custody in Your Plan

Distributing wealth isn’t the only reason to develop an estate plan. If you don’t name a guardian for your minor children in your will, a court hearing may be held to determine child custody. This means your children could end up in the custody of someone you don’t trust to care for them.

When it comes time to make plans for your future, rely on the Upstate Legal Center Of John V Shepard to help you. The firm, which is based in Rochester, NY, and serves Monroe County, offers services in estate planning and probate law. To schedule an initial consultation, visit their website or call them at (585) 429-5422.