With all the tornado watches, falling trees, and work-place shootings, no doubt many of you are thinking about your disaster preparedness plans. While thinking about where to take cover or where your family will regroup in the event of an emergency, it is also time to think about whether you are prepared in your personal life. Do you have a Will, Advanced Directive and Power of Attorney? If you do, do you need to review or revise them?
You may need to think about your setting up or revising your estate plan if the following events have happened:
- Home purchase
- Change in assets
- Illness or injury
Wills are not just for the wealthy. Anyone who owns property, is married, has a domestic partner or has children should have a basic will that establishes who gets what and what happens to your children in the event of your demise.
If you are injured or get sick and cannot make decisions about your medical care, having an Advanced Directive for Healthcare (more commonly thought of as a "living will") will ensure that your medical decisions are made by a person you trust and in keeping with the kind of care you want to receive. An Advanced Directive is particularly important for couples who are not legally married but wish to entrust their partner with their medical decisions. Same goes for Power of Attorney. By assigning Power of Attorney to a spouse or partner, that person is able to handle your affairs (access accounts, act on your behalf), in the event that you are incapacitated and they are not otherwise assigned those rights (ex. bank accounts in your name only).
Torriente Marum, LLC offers flat rate packages for simple wills, Advanced Directives, and Power of Attorney for individuals and couples. Call or email our office for more information!