Posted on: Jun 30, 2017
Many people believe that they need to be rich to need a Will or to need Estate Planning documents. This is not true. Estate Planning is vitally important for everyone, whether or not you consider yourself wealthy.
People who are older and especially seniors should have a Will. For example, a Will that establishes a Special Needs Trust can protect assets for a surviving spouse. Having a Will and other important Estate Planning documents in place is one of the greatest gifts that you can provide for your family.
Young people should have a Will and other Estate Planning documents. For example, people who are younger and have minor children should have a Will so that they can name a guardian for their children.
Why Everyone Should Have A Will
A Will can do far more than simply dictate the distribution of your estate upon your death. It is a powerful legal document that can address many Estate Planning considerations and wishes. A Will can address:
- Naming a guardian for minor children
- Creating a trust and naming a trustee to handle the estate on behalf of minor children or grandchildren
- Establishing a Supplemental Needs Trust for your spouse, disabled children, or other loved ones
- Preserving assets while continuing Medicaid or other Long-Term Care benefits for a surviving spouse
These are only a few of the things a well-thought-out Will can address. Your Will is a plan for the future as you have envisioned it. A comprehensive Estate Plan can give you control over your assets and spare your loved ones from unnecessary expenses in handling your estate.
Estate Planning For Everyone
Estate Planning is not only for people who consider themselves wealthy. We encourage everyone to have a comprehensive Estate Plan. At a minimum everyone should have a Will, a Durable Power of Attorney for financial affairs, and a Durable Power of Attorney for health care.
At Elder Law Group PLLC we know that making arrangements for mental or physical incapacity can be very stressful and emotional. We strive to remove some of the burden from you and your family by helping you create an Estate Plan that addresses your needs in detail.
Elder Law Group PLLC has been recognized as one of the fasted growing law firms in the U.S. as an Annual Law Firm 500 Award honoree. Contact us or call (509) 468-0551 (Spokane office), or (509) 579-0206 (Tri-Cities office), for personal, compassionate guidance in Estate Planning and Elder Law.