It seems like I can not stop talking about how important it is to organize your affairs, whether you are 35 or 85. Since I witness so many families having to manage the overwhelming details after their spouse, a parent, or loved one passes away, one could conclude that my obsession is related to the type of work I do.
One of the first things that my wife and I did after we got married was visit an estate planning attorney. We set up a Living Trust, Will, Durable Healthcare and Financial Powers of Attorney, and our Advance Directives.
Though it can be unsettling or uncomfortable to talk about, planning for what happens during your lifetime in the event of incapacitation, and what happens upon death, is crucial. Would your family be able to access your financial accounts if something were to happen to you tomorrow? Do your loved ones know what you would like for your ultimate wishes? When was the last time you looked over your account beneficiaries? These are all questions that come up during the estate planning process.
Estate planning can not only help your loved ones in the case of an unforeseen circumstances (such as a medical emergency), but it can also provide you and your family peace of mind right now. Getting your affairs in order is not just about end-of-life planning, either.
What does it mean to organize your affairs so that you and your loved ones are well-prepared? It may entail having any or all the following listed below. It is a good idea to consult with professionals such as an estate planning attorney, a financial advisor, and/or an end-of-life professional about the following:
- Durable Health Care Power of Attorney
- Durable Financial Power of Attorney
- Last Will and Testament
- Living Trust
- Funeral Pre-Planning
- Financial Planning
- Personal Property Inventory
- Digital Inventory (inventory of your digital assets to include logins/passwords)
- Organize Critical Documents (End-of-life file) – titles, birth certificate, marriage & divorce certificates, insurance policies, passports, military documents
If you do not know where to start or are overwhelmed with this topic, please do not hesitate to reach out. Laurel can provide you valuable information as well as help make this process as seamless as possible. Laurel works with trusted legal and financial partners in the Kansas City area and would be happy to introduce you to a professional that would be best for you and your family.
There is also no ideal time to put anything in place. Any time is the right time to get it done. Just check it off of life’s to-do list.
Estate Planning involves both lifetime planning (in the event of incapacitation) and planning for what happens upon death. If you become Incapacitated, and do not have powers of attorney in place, someone will need to petition the court to handle your financial matters and/or health care decisions. Having these documents in place ensures YOU get to choose who you would like representing you, rather than someone who may not be your first choice petitioning the court. These documents will help protect you, and your assets, during your lifetime.
Planning for what happens upon death is important to ensure your wishes are carried out. Having a Last Will and Testament and/or a Living Trust in place protects you and your beneficiaries. A trust also allows you to outline how, when, and for what purposes, you would like each of your beneficiaries to receive their inheritance.
While it is easy to procrastinate taking the steps to get these things done, it is also easy to make a phone call to start the conversation. I have seen many instances where someone passes and nothing is in place, causing stress, confusion, and, sometimes anger, for those who are left behind. The good news is that it can be prevented. Professionals are there to help you navigate the decisions to be made to accomplish that.
Why not take the first step towards getting things in order by making a phone call? We are ready to help you and answer your questions.
If you would like more information on Estate Planning, Kimbrell Estate Planning offers a complimentary consultation to help you start the estate planning process. You can contact Jessica Kimbrell, the firm’s founder, at jessica@kimbrellestateplanning.com, or 913.647.5180.
