Estate Planning Tasks You Should Definitely Stop Putting Off
There are many reasons why so many people procrastinate when it comes to addressing their estate plans. They might not want to think about their death and may feel that they have plenty of time to left to take care of it.
However, there are certain estate planning tasks that we should focus on getting done as soon as possible, regardless of where we are in our lives. Here are a few of them:
- Designating guardians for minor children: Parents of young children should designate legal guardians who will be responsible for raising their kids in the event of the parents’ untimely death. If you do not choose guardians yourself, the court system will do so for you upon your passing. This decision will not necessarily align with your wishes.
- Creating a will and a living will: A standard last will and testament outlines how you want to distribute your assets and property to your beneficiaries. A living will, on the other hand, provides instructions for the types of medical care you want to receive if you become incapacitated. This includes end-of-life treatment and “do not resuscitate” orders.
- Drafting powers of attorney: The person to whom you grant power of attorney will have the ability to make certain decisions on your behalf if you are incapacitated or otherwise unavailable. These include financial and healthcare decisions.
- Naming a personal representative of your estate: Choose one trusted individual or corporate entity who will be able to carry out your wishes exactly as outlined in your estate plan. This person or entity should be reliable, organized and willing to take on the role.
These are four simple tasks that you should perform as soon as possible, even if you’re relatively young. To learn more about your options and how to get started, contact a dedicated Tampa estate planning attorney at BaumannKangas Estate Law.