Are you aware that if something were to happen to you and your partner, and you do not have a will with an appointed guardian for your minor children or dependents with special needs, the state will appoint one for you? Without the will, you grant strangers or other family members the opportunity to decide what is best for your children. We all know that deciding who should be legal guardian of your children is a difficult one. And we all know that taking the steps to complete your will, trust, durable power of attorney and advanced medical directives is a "to do" item that frequently gets pushed to the bottom of the list.
Typically, we go through life believing that misfortune happens to everyone else, right? But the truth of the matter is that we are all subject to the same curve balls life seems to throw around. And right now, they seem like they are flying, don't they? Imagine if a family you knew lost both the mother and father leaving behind minor children. The couple had no will and no trust, so the estate goes through probate and legal guardianship of the minors is left to the decision of the courts. Think about it...
So you see, this is serious. If you do not have a will, advanced directives, or a living trust, it is time for you to get your financial house in order. Time for you to step up, take responsibility, and make these decisions for your family and your children, now. Being prepared is a gift that you give to your loved ones and who better knows what is best for your family, than you?
So, here is what you need:
1. Durable power of attorney - authorizes someone else to act on your behalf
2. Advanced medical directives - allows someone to make medical decisions for you or treatment you want
3. Will - disburses property to heirs, names executor of your estate and legal guardian of your children
4. Letter of instruction - informal document used to express your thoughts regarding what is in the will
5. Living Trust - allows your estate to avoid probate
Luckily we work with many preferred business partners. To help you get your financial house in order, we suggest calling Angela Hawkeotte or Boyd Hudson with Adams, Hawekotte & Hudson at 626-583-8000 OR Vanessa Terzian with The Law Offices of Vanessa M. Terzian at 818-864-6174.
You'll be glad you made the call and relieved that you finally have your financial house in order.
Cynthia
We feel that this is a very important issue, so we review estate planning documents for every client and often make recommendations for updates. I have recommended Vanessa Terzian several times and she has done a fantastic job. She is personal, professional and our clients love her. Thanks for raising awareness on this issue.
ReplyDeleteYou are welcome! We always encourage our friends and clients to take care of these matters if they have not done so already. It is a relief to have a network of preferred business vendors to call on when the need arises.
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