Estate Planning

Planning for incapacity
Incapacity describes a condition in which you are
legally unable to make your own decisions. What
might happen if you were to become the victim of an
accident that puts you in a coma for several months?
How would your doctor know what medical
treatments you would want or not want if you can't
speak for yourself? How would your personal
business be transacted if no one is authorized to sign
documents for you?
Someone would have to go to court and get legal
permission to do things for you. And that person,
known as a guardian, would have to go back to court
every time permission is needed. Further, without any
prepared instructions from you, your guardian might
make decisions that would be different from what you
would have decided.

Fortunately, these situations can be avoided with proper planning. Health-care
directives allow you to leave instructions about the medical care you would want
if conditions were such that you couldn't express your own wishes. And property
management tools insure you can have your financial affairs taken care of for
you in the event you become incapacitated.

Wills
Without a will, your property at your death will be distributed according to your state's intestacy laws. Your wishes are irrelevant. A will:
♦ Directs how your property will be distributed
♦ Names an executor and a guardian of your minor children
♦ Can accomplish other estate planning goals, such as minimizing taxes
To be valid, your will must be in writing and signed by
you. Your signature must also be witnessed.

Source : Kramer Financial

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