I am a big believer in peace of mind -- especially when it comes to having a will/trust, power of attorney, etc. It doesn't have to take a lot of time or cost a lot of money. Of course, the larger your estate, the more it makes sense to see a lawyer that specializes in these things. But just about everyone should have at least the basics, which according to my lawyer, are:
- a simple will -- who gets your $$$? who will take care of your children?
- we chose to discuss these decisions with our children. you may be surprised at who they would want.
- consider friends in addition to family.
- a durable power of attorney -- who will handle administrative tasks for you if you are incapacitated?
- a healthcare power of attorney -- who will make medical decisions for you if you are unable to?
I recently helped/nagged some good friends to get this done. We used rocketlawyer.com which was quick, easy and inexpensive. You can actually create, download and print the documents you need, then cancel your membership before 30 days -- effectively getting the services for free.
Once done, make sure to:
- get the documents notarized. (Notary services available at banks, credit unions, UPS stores,...)
- make copies and provide to those people you have listed in these documents.
- leave copy somewhere easy to find in your home.
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If you have a larger estate and decide to set up a trust, I recommend looking into a Dynasty Trust. Your kids and future generations get distributions from the trust as needed, but don't ever get the money completely disbursed to them -- thus protecting the money still in the trust from creditors, divorce settlements, malpractice suits, etc. Be sure to discuss with your lawyer if this makes sense for you.
Although these things are often uncomfortable to think about and take care of, focus on the peace of mind you will have once you finally do make it a priority!
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