Caring for the people you love is one of the main reasons you will likely have to create a last will or royal plan. You want to know that your spouse and children or other dependents will be given instructions on how to handle your property. Additionally, if you have minor children or an adult child with special needs and you are still caring for them, designating a guardian and providing the resources for that guardian can also be important for people who depend on you.
Planning for these obvious necessities after your death will benefit your family, but have you considered planning for other circumstances that may affect your family when you are not available to them? If your estate plan does not include medical guidelines and possibly a permanent power of attorney for a condition involving your disability, you can leave your family members in a difficult situation if you experience a sudden medical condition or event.
Without a power of attorney, your money could end up in limbo
There are several different types of power of attorney documents that you can create, and many people overlook the value of a permanent power of attorney. A permanent power of attorney will still have legal authority even if the courts declare you incapacitated or nominate a trustee.
If you do not have a power of attorney authorizing someone to access the accounts and manage your personal affairs, your family members may end up closing the accounts so that they can go through the courts to gain access to them. This delay could result in penalties or even the initiation of foreclosure or tax sale proceedings.
Your loved ones also need guidance about your medical wishes
One of the hardest things to do when a loved one is going through a medical event is to make a decision on their behalf. People generally want to take steps that support their loved one’s beliefs and preferences, but it can be difficult to determine what someone might want without direct guidance.
Just having a conversation doesn’t mean people will remember your preference in a moment of great stress. Adhering to your medical wishes, regarding everything from organ donation to life support, to writing as part of your estate plan can guide the people who love you and reduce their anxiety about making a decision that is not in line with your values or desires.
The more comprehensive your real estate plan, the better for your loved ones to adjust to whatever strange situation you or them throw at you.