A large part of estate planning is finding ways to keep your assets out of probate. Most people know that assets such as life insurance policies and retirement accounts allow you to add beneficiary designations directing who should receive those accounts after the owner’s death. But what about real estate?
With a new baby in the house, likely one of the last thing on your mind as a new parent is the thought of creating an estate plan. During this time you are likely tired from the new changes in the house and elated at the new addition to your family. This time is both stressful and happy. However, you certainly should not procrastinate too long on contemplating the important decision of what will happen to your new baby if both you and your significant other are incapacitated or worse.
Most people likely believe that estate planning is just preparing a will or trust that directs how your affairs should be handled after death. However, an effective estate plan should also contemplate a plan for what happens if you were to be incapacitated. Consider what would happen to your financial affairs if you were to be taken ill or incapacitated for a long period of time. A power of attorney is a document that can direct exactly how your affairs should be managed in such a case.
Jessica Brandow is foremost an estate planning attorney dedicated to providing quality legal service to all types of clients.