Time to break out your red, white and blue gear and get your stomachs ready for some serious BBQ because July 4th is right around the corner! Most Americans will be celebrating Independence Day with good food, friends, family, flowing drinks and a fire work display. Why not add an estate plan to the mix?
Unfortunately, it’s a common misconception that estate planning is just for the rich or elderly. Estate planning is actually a necessary step for individuals of all ages, no matter what their economic status may be. At a bare minimum, everyone should consider having a Will in place to designate guardians on behalf of minor children, spell out wishes for cremation or burial and include how you wish your assets to be distributed. For business owners or individuals with a growing family, a Revocable Trust is always a great option since it details how, when and to whom the distributions will be made. You can ensure your children finish college, have the funds for a first home or reach an age of maturity before inheriting a great deal of money. Other important documents that everyone should have include the following:
Living Will: This advanced directive is better known as the “pull the plug” document. By signing a living will, your healthcare surrogate has the authority to tell the doctor to pull the plug and let you pass naturally.
Durable Power of Attorney: Nominate who will continue to pay your bills, have access to your accounts and be able to make other important financial decisions on your behalf should you temporarily be unable to do so yourself.
Healthcare surrogate and HIPAA Release: Decide in advance who will have access to your medical records and be responsible for making important healthcare decisions on your behalf should you be unable to do so yourself.
This 4th of July, don’t just party because it’s Independence Day but celebrate because you know you, your family and future generations to come are fully protected. Celebrate knowing you have achieved ultimate peace of mind through creating an estate plan. Call the attorneys at Wild, Felice & Partners at (954) 944-2855 for your free consultation today.
For more information on Estate Planning, Asset Protection and Probate Administration, visit our website at www.wfplaw.com.
It’s A Wild World. Are You Protected? SM