FAMILY ESTATE PLANNING
How Can I Protect My Children if I Die?
The more planning you put in place now, the easier things may be for your family later.
Is a Will Enough?
If you just want to choose who takes care of your children after your death (and your spouse or partner if you have one) then a simple will may be enough. However, if you want to decide who controls the finances for your children and how that money is spent (especially if they are minors) then you want to look at additional options.
Do I Need a Trust?
If you want to leave property and assets to beneficiaries with certain conditions (such as health care and education), or if you wish to keep a particular asset for them until they reach a certain age (such as a house), then you would need a trust to accomplish that.
Another benefit of a trust is the trust is protected from creditors and potential divorce proceedings of your children.
What Other Estate Planning Documents Do I Need?
Melanie provides the following documents to every client who hires her for a will or trust, at no additional charge:
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Durable Power of Attorney - This details who will make your financial decisions if you are incapacitated.
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Medical Power of Attorney - This details who will make your medical decisions if you are incapacitated.
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Living Will - There is some overlap with this and the Medical Power of Attorney, but this specifies your wishes as to your medical care. This means that whatever is not stated in here would likely be covered by the Medical Power of Attorney. This is generally given to health care providers when you are undergoing any procedure that requires anesthesia.