When is the right time to think about getting a Will or a Living Trust? The answer is easily given with another question – when is not the right time? Often people do not think about planning until they think death is near. Unfortunately, our birth certificates do not have expiration dates. This of course would make planning much easier.
It is sometimes surprising for younger families to learn that they have just as much need for estate planning as a wealthy retiree. The reasons for planning may be different but the need is still there. When we are young we typically do not think of dying but rather building a future for ourselves and our families. It is in these situations where tragedy can strike more than once. The tragedy of a sudden and unexpected death followed by the tragedy of not planning for your surviving spouse or the children left behind.
In these situations your estate plan does not need to be complex, but you do need to have one. A basic plan could include a Will, Power of Attorney, Medical Power of Attorney, Living Will, Mental Health Care Power of Attorney and a HIPAA form. These will provide for the basics of where you want things to go but also, and much more importantly who should care for your children if you and your spouse are not here to care for them.
If you do not get a plan from MH, get one somewhere because, If you have a family, you have a reason.
Contributed by Arrowhead and Phoenix MH Estate Planning attorney West Hunsaker
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.