Estate planning is a topic that many individuals choose to avoid because it deals with the topics of death and family relationships that may be difficult to contemplate and discuss. What is most interesting is that when an individual or couple do address these uncomfortable topics, they end up feeling emotionally freed up to live life more fully knowing that there won’t be the confusion, delay, expense and quarreling that sometimes occurs in families when someone dies without an estate plan.
Estate planning involves documents, such as wills and trusts, that state your wishes regarding the distribution, use or conservation of your property. Other documents help you with incapacity or disability.
What is included in an estate plan?
A Will and/or Revocable Living Trust – Both allow you to direct how your belongings, such as bank balances, property or other possessions, should be distributed. A Will secures your wishes today but can easily be changed in the future as your needs change. Wills are not expensive, and most people experience profound peace of mind once they have their will in place
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Power of Attorney for financial decisions - The Durable Power of Attorney authorizes your agent to do business on your behalf when you are unable.
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Power of Attorney for Health Care - The Durable Power of Attorney for Health Care gives authority to your agent to make healthcare decisions on your behalf if you are unable to tell the doctors what you want.
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Living Will - A Living Will tells your doctor that if you are living solely due to machines and the prospects for recovery are slim to none, it is your directive to remove the machines and provide comfort care and let nature run its course.
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Is Estate Planning only for the “old and rich”?
No, everyone should have documents that let family and friends know what to do upon your passing or incapacity. If you don’t have a will, the State of Montana, through statutes, dictates to your family and friends how to distribute your assets, and that is very often not in accordance with your wishes.
HERE ARE FIVE REAL LIFE SITUATIONS THAT A WILL CAN SOLVE FOR YOU:
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My name is Mike and I am 46. I have one 16 year old daughter and I am not married. My daughter’s mother and I are divorced and my daughter lives with her and her two other children in another state. I currently live with my girlfriend in my home and we own and run a business together. I am worried that my girlfriend’s contribution to our home and business will not be protected and that my daughter’s inheritance will be shared with her two siblings.
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My name is Alice and I am 65. I am married but have not seen my husband in 15 years. I do not know where he is or how to find him. I have three children who are all grown. I currently own a home but have very few other assets. One of my children encouraged me to rent out my home and live with her. Now she is kicking me out and threatening to take everything that I have. All of my furniture and things are locked in her house. I want to make sure she and my husband get nothing in my will.
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My name is Mary. I am 43 and have two children. I am not married but I am living with the father of both of my children. I own our home in my own name and I have substantial assets in my own name. My partner also owns a business and has assets in his name. I want to make sure that if something happens to me, they can remain in the home but if my partner marries after my death, my assets are protected from his new spouse and any children she or they may have.
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My name is Dan and I have a wife and two young children. I am very concerned about my family being involved in our children’s lives if something happens to both of us, they cannot have custody or be responsible for the money or assets we have.
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My name is Betty and I am 67. I have a husband and four children. My husband has been an alcoholic his whole life and has a child born during our marriage that is not mine. I want to make sure that none of my assets go to that child.