Posted by Susan Veligor on January 4, 2016
The start of the New Year generally breeds great energy and enthusiasm for tackling ones goals. How about getting your estate documents in order for 2016? The term “Estate planning” sounds big and complicated and probably for rich people, right? Actually estate planning is applicable for everyone including college students, young families and on through the ages. It merely means that you have taken time to consider who you might want to manage your finances in the event of an illness, accident, incapacity or even a prolonged absence such as a semester abroad: a Durable Power of Attorney is the document to create for this type of situation. Have you thought through what you wish to have happen should you become terminally ill and unable to speak for yourself (Living Will and Durable Power of Attorney for Health Care are documents to create for this situation). And finally, a simple Will provides not only guidance as to who would inherit your possessions, including money, but also if you have young children this document is equally important in that it names a guardian/caregiver for them in the event of premature death. It is inadvisable to use an online service – the “do-it-yourselfer” version – as there are important items that need to be addressed and included. The cost for the simple documents listed above with an estate planning attorney would likely run between $750 and $1,000 in total.