Many people mistakenly believe estate planning is for wealthy individuals or those who have substantial investments. Estate planning is more than just about money and assets. Estate planning can be a powerful tool to protect your spouse, your children, and your legacy.
Also, a common misconception many people have is thinking that estate planning is only creating a plan for the distribution of their assets after their death. Estate planning covers planning for unexpected and unavoidable health and family events both during your lifetime and after your death.
Jason D. Smith’s estate planning process allows him to prepare contingency plans for any event during your life, as well as a plan for your estate after you die.
Estate planning involves creating a plan to manage your wealth while you are alive and then distributing it after you die.
Individuals can also plan to ensure their wishes are respected in case of an emergency. A spouse or another person can be appointed to make medical decisions for you in the event you are unable to do so.
Parents should also create a plan to ensure that their minor children (under 18 years of age) are taken care of in the event both parents become incapacitated, disabled or deceased. Formally naming a guardian for your minor children in your estate plan before these events occur is essential. Even if you have already expressed your wishes with the person you want to serve as guardian, when tragedy strikes, even the best intentions can be lost in deep emotions. A custody battle between relatives is something that your children should not have to go through during a traumatizing situation. Call Jason D. Smith to avoid these potential problems.