Regardless of how much or how little money you have, yes, you DO need an estate plan, and Cumberland Title can provide these for you. Estate plans consist of a will, a power of attorney, and an advanced health care directive. Without these documents, the decisions regarding your assets and personal care may be left up to a state court.
A WILL is a legal document that names a personal representative to manage your estate. It will ensure that whatever personal belongings and assets you do have will go to the family or beneficiaries you designate.
If you have children, a will ensures that you get to choose your children’s guardian. If you die suddenly without a will, you’ll be subjecting your family and loved ones to confusion and anxiety at what is already a difficult time. This also may result in a much longer and more costly settlement process, and may even cause litigation among family members.
A POWER OF ATTORNEY (POA) gives another person the authority to act on your behalf. This means that if you were suddenly unable to handle your own affairs, someone you trust could do so for you.
Finally, an ADVANCED HEALTH CARE DIRECTIVE, also known as a living will, is a set of instructions given by you specifying what actions should be taken in the event that you are no longer able to make decisions due to illness or incapacity. It appoints a person to make such decisions on your behalf. In addition, this legal document can contain your wishes concerning such matters as life-sustaining treatment, organ donation, and your funeral.
Estate planning is not just for the wealthy or the retired. It is also easier and less expensive than most people think. Please contact Matthew J. McDonald, Esq., with any questions you may have and to schedule your estate planning appointment.