Christmas time is here! The holiday season is the time to gather with family, decorate the tree, and wrap gifts for your loved ones. However, during this time of giving, it can be hard to remember to give yourself the most important gift of all: peace of mind.
Having an estate plan in place takes a serious weight off your shoulders so you aren’t a Scrooge on Christmas morning. Not only is this a great gift for yourself, but your family will also appreciate a thorough plan to take the pressure off them if something should happen to you. Forming a comprehensive and effective estate plan seems like a daunting task, but the estate planning attorneys at Long & Long, LLC have wrapped up the basics for you with a bow on top and placed them gently at the base of the Christmas tree that is this blog:
First, you should have a Last Will and Testament prepared. The Last Will and Testament is an instrument that allows you to thoroughly detail how you want your assets to be distributed after you pass away. Think of it like an instruction manual for the loved ones you leave behind, so you don’t have to get the Ghost of Christmas Past to pass along messages for you. The Last Will and Testament allows you to appoint an Executor who will be responsible for handling your estate after you pass, so be sure to appoint someone you trust.
Next, it is beneficial to have a Durable Power of Attorney in place, appointing someone you trust to handle your financial affairs if you become incapacitated or unable to make those decisions.
Similarly, you should execute a Healthcare Power of Attorney or Living Will giving that same trustworthy person the ability to make important healthcare decisions for you if you become incapacitated. Take this as a message from the Ghost of Christmas Yet to Come, that you can never be too prepared.
The burden of thinking about your estate when you pass and how your affairs will be handled if you ever become incapacitated can distract you from what’s most important around the Holiday season but don’t let it. Be proactive in your estate planning by contacting the experienced estate planning attorneys at Long & Long, LLC with any estate planning questions so that you can enjoy Christmas this year worry-free. Remember what the Ghost of Christmas Present said: “There is never enough time to do or say all the things that we would wish. The thing is to try to do as much as you can in the time that you have.”
Merry Christmas from all of us here at Long & Long!
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