If you're just starting a family, you likely have a lot of things on your mind. It can be difficult to plan for the future if you have a busy everyday life, but it's important that you take the time to properly handle your affairs. It's recommended that you meet with an estate planning attorney like Wotitzky, Wotitzky, Ross & McKinley so that you can properly plan for future events. Take a look at the following information to better understand some of the essential planning tools for young parents.
One of the most important planning tools is a will. This is a way to choose how your assets will be distributed after your death. Your will also makes it possible for you to choose an executor, the person who will be in charge of handling your affairs on your behalf. Lastly, and mostly importantly, your will can allow you to choose a guardian for the care of your minor children. This can give you confidence knowing that your children will always be loved and cared for no matter what.
Power of Attorney for Healthcare
You never know when a healthcare emergency may occur, leaving you unable to handle everyday decisions on your own. With the use of a power of attorney for healthcare, you appoint a representative to help you handle your medical affairs when needed. They can talk to your doctors, help you choose the best care, and make sure that your medical wishes are respected.
Power of Attorney for Finances
If you're the one who usually handles your everyday financial affairs, you want to make sure that you have an estate plan in place so that your money is in the right hands. Your children and family will depend on your finances being in order, even if a medical emergency happens. With the use of a power of attorney for finances, you can decide who will handle your financial affairs for you if you're ever unable to do so yourself. This includes paying bills, depositing money, and making important investment choices. Without this tool in place, you may not have proper access to your money.
As you can see, there are a number of important estate planning tools and documents that can be utilized to properly plan for the future. If you have any questions about your own estate planning needs or if you're ready to begin your estate plan, contact an attorney today to learn more.