When it comes to estate planning, there is no “one size fits all” solution. It’s a combination of science, knowing what works in general, and art, knowing what will work best for your family. The best solution is to hire an attorney who knows the ins and outs of the law.
According to Forbes, there are five key documents your estate plan must include:
- Living Trust
- Advanced Healthcare Directive
- Durable Power of Attorney
- HIPAA Release Form
What if you have unique circumstances? It happens; every day, in fact. Here are four issues you might have come up in your estate planning.
- Clearly Defined Beneficiaries
Are you in the “sandwich generation,” with both children and parents in your care? Even if your parents aren’t in your home, you may be responsible for their long-term care.
Meaning, if you die before they do, then they need to be taken into consideration. Therefore, your beneficiaries may extend beyond your spouse and children to include parents, grandchildren, or even siblings, depending on your situation.
- Second (and Third or Fourth!) Marriages
Do you have children from a previous marriage? Is yours a blended family with multiple children and parents? All of these moving components can delay your estate plan.
Both you and your spouse will have your own assets you’ve already reserved for older children. You’ll also have to consider any children you have together. A trusts is a good solution, but they should be crystal clear as to who gets what and when.
- Guardianship of Minor Children
Are you divorced and the parent of children shared with your ex? Typically speaking, if you predecease your ex, your children will be in their guardianship.
That also generally means that the surviving parent will be in charge of the inheritance you leave for your children. If that’s not what you’d like to have happen, then you’ll need to make accommodations in your estate plan.
- Digital Property
Truthfully, this is nothing we thought of 10 years ago, but it’s certainly a consideration in today’s digital world. Who has access to your computer? Who will close your social media accounts? Our lives are online, and you need to designate a plan to manage your online persona after your passing.
There are so many aspects to consider in estate planning, and we haven’t even touched on those individuals who own a business!
You’ve worked hard for your life, and you need to protect it. You owe it to your family and your legacy to take care of planning now.
Contact Ogborne Law to schedule your estate-planning session.
Engaging with an attorney to protect your family is never an easy step. Whether you need to protect your family from the unthinkable or restructure your family through collaborative divorce, we’re here to help. When you’re ready to schedule a consultation with Michelle Ogborne, please visit the scheduling page to get started.