Estate planning is for everyone, not just those in their golden years. The beauty of estate planning allows for changes to be made through the years, adjusting through life as you do. Whether you're hitting your stride in your career, getting married, settling down with kids, retiring or beyond - there is plenty to discuss when it comes to preparing for the things we aren’t planning for.

So, What is Estate Planning Anyway? Estate planning is the process of putting legal documents in place to make your decisions on your behalf and manage your assets. By proactively planning, you are able to make your intentions clear and relieve stress for the future of you and your family.

What Documents Will My Family Need? A common misconception is that you will only need one document that merely states what you would like to have happen after your death. However, a proactive and comprehensive estate plan will include documents that answer the questions “what should happen when I die?” and “what happens if I am still alive but unable to make decisions for myself?”, among others, of course. At Lardiere McNair and Stonebrook, we work with you to determine which documents will accomplish your personal goals and protect your family, now and for decades to come.

Documents To Direct What Happens After Death. One aspect of estate planning documents controls what happens after we pass. A Last Will and Testament is a legal document that explains how your assets should be distributed after your death and who is responsible for handling these tasks. Wills will typically go through probate court, and can be limited in their reach, but are necessary documents nevertheless.

A Revocable Living Trust is a document that can hold assets during your lifetime and distribute them after death according to your instructions. A trust expands upon what someone can do with a will - allowing you to avoid probate court entirely, provide more privacy, and provide you with the ability to make more longstanding and in-depth decisions on where your wealth goes. These documents are not a one-size-fits-all, and we want to customize our approach to best protect your legacy.

Documents To Make Life Easier Now. Creating a thorough estate plan helps us guide our loved ones while we are alive but unable to make decisions for ourselves. A Financial Power of Attorney allows you to appoint someone to handle financial matters for you if you are unable to do so yourself. This can be as limited or broad as you’d like, but typically include paying bills, managing investments, or handling transactions for you. On the other hand, a Health Care Power of Attorney allows you to name someone to make medical decisions for you if you are determined to be incapable and cannot make decisions on your own.

It is important to emphasize that Financial and Medical Power of Attorneys are only effective during your life, and terminate upon your death. When individuals do not have these documents in place, your family may have to go to court and ask to be a guardian of your finances or medical decisions. These documents save your loved ones the time and energy from going to court if you are incapacitated.

Additionally, a Living Will or Advanced Directive outlines your wishes regarding end-of-life medical treatment. This document guides doctors through what decisions you would like made if you are permanently unconscious or terminally ill and unable to make those wishes known. A living will can also reduce stress and uncertainty for family members, as they will not have to make certain medical decisions on your behalf.

Estate Planning Should Not Be An Afterthought: Creating, updating, or revising your estate planning documents can ease your transition through different phases of life and help create peace of mind for your loved ones, letting them know they will be taken care of . If you would like to discuss your estate planning needs, our estate planning team at Lardiere McNair and Stonebrook, Ltd. is experienced and ready to walk you through the process.

Peyton E. Crume, Esq. is an Associate Attorney at Lardiere McNair & Stonebrook, Ltd., LPA.

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