Hi. I’m Gary the owner of DeWitt law. Start your plan now at DeWitt dot law.
Estate planning is about caring for you, your family, and your moneyduring your lifetime. It is about caring for your spouse and children when you’re gone. And estate planning is about deciding who gets what, when, how, and how much later. Estate planning is about minimizing or eliminating court interference and taxes.
Two Parts to Planning
You can think of estate planning in two parts.
Part one is protecting you, your family, and your money during your lifetime.
Part two is distributing what you have later.
Awful things – auto accidents, household mishaps, medical incidents, and dementia – happen to people every day without warning. This is why you create powers of attorney, to care for you and your family if something awful happens.
Only You Have the Power
You need to understand that nobody else has the legal authority to make your decisions or sign for you without your written permission. When something happens and you can’t make decisions or sign, then, without a plan, everything you own is literally frozen. Your family can’t sell or do anything with the money, accounts, or real estate with your name on them. If they need access to your money or real estate with your name on it, then they will have to go to court and get a Judge’s permission.
Your family is forced to court to get permission to manage your affairs. However, a Judge oversees everthing and enforces State law. You are really under the control of the State.
Powers of Attorney Fix the Problem
For your lifetime, you create durable powers of attorney. These name a person to step in and manage your money, business, and legal matters if you can’t.
You make a healthcare power of attorney. The person or people named in this work with doctors and nurses to manage your healthcare and treatment plan if you can’t.
A HIPAA waiver lets healthcare professionals share your medical information with the people of your choosing. Without this, the doctors and nurses are severly limited, if not forbidden, with what information they can share and who they can share it with.
Distributing Your Final Estate
Wills and Trusts are used to distribute what you have to who you want, how you want, when you want, in the amounts you want.
Wills alone require probate. Without additional planning, a Will does not avoid probate.
A Will plus additional planning – a Beneficiary Plan – avoids 99% of probate and is much more affordable and easier to maintain than a trust.
There are times a Trust is appropriate for your distribution plan. If you have children with addictions, marital problems, money problems and more, then a Trust will protect them from themselves.
If you have a complicated estate, or complex distribution rules, then you should consider a Trust.
You only have two choices – plan or don’t plan. It’s your choice. Plan to care for you and your family, or let the State’s system take care of you and your family.
Get your plan started now at DeWitt dot law.