What Simple Estate Planning Can Do For You

Article submitted by attorney Sean Bell. He can be reached at 303 776-2404.

You do not need to have great wealth or assets to benefit from estate planning. You do need to follow through and get the work done. In general a simple estate plan often allows for orderly action in time of need and for important wishes to be carried out.

A simple estate plan can help others make decisions for you if you are unable to make decisions because you are incapacitated or control disposition of your assets when you die. A simple estate plan usually consists of a will, financial and medical powers of attorney, and a living will. Here are the basics:

• A will is a legal document that provides for the distribution of your assets upon your death. It may be important to you that certain things go to certain people when you pass away. A will can help your wishes to be known and carried out after your death.
• A financial power of attorney allows someone to make financial decisions for you such as selling property or accessing bank accounts. This may be important in the event you are incapacitated or unable to easily perform some financial duties. A financial power of attorney can allow someone to easily help you in a time of need.
• A medical power of attorney allows someone to make certain medical decisions for you in the event you are unable to make the decisions. It may be important to you that one particular individual make medical decisions for you, especially if that person is aware of your quality of life wishes. A medical power of attorney can empower someone who understands your beliefs to make medical decisions for you if you become incapacitated.
• A living will provides you the opportunity to make certain end of life decisions known to your health care professionals. It may be important to you that these wishes be clearly known. A living will can help guide health care professionals when you cannot.

This brief description cannot fully explain many important things. Seeking the professional assistance of an attorney is very important. For instance, it is important that you fully understand the legal effect of giving a person the power to make your financial decisions for you since that person could take money from your bank account or sell your house!

Everyone has different planning needs. An attorney can help you decide what planning you need and help create a plan for you.