A Love Letter to Estate Planning
A Love Letter to Estate Planning
By Ethan Simpson
It’s Valentine’s Day, and love is in the air.
At Simpson Law Firm, we’ve got a bit of a crush on Estate Planning, and we’re excited to share with you all the hot gossip about the most important documents which protect your assets and loved ones. Our most ardent Valentine’s Day wish (we’re making it a thing) is to help you protect those you cherish in this season of love. Please enjoy this love letter to some of our favorite Estate Planning documents!
Temporary Guardianship (He’ll never miss your calls)
This document is the strong, silent type. He likes to stay out of the way until he’s absolutely needed, but when that time comes, he’s eager to save the day.
A Temporary Guardianship document is a must-have for any parents with young children. Should an accident occur whereby you and your spouse are incapacitated, the trusted friends you list here will take temporary custody to ensure their well-being while more permanent arrangements are made. When selecting the individuals to whom you’d like to assign this responsibility, consider the following criteria:
Distance: is this person close enough that they can take temporary custody of your children in an efficient and timely manner?
Trustworthiness: how long have you known this person? Are your kids familiar with them?
Willingness: have you discussed this responsibility with the friend you’ve selected? Surprises are fine for parties, but not for custody.
We love Temporary Guardianship because of the peace of mind he provides our clients with kids. He’s an essential Estate Planning document for any parent!
Powers of Attorney (Mom would approve)
Don’t expect any surprises from these guys: they’re pretty bland. They make up for their lack of flair with simple dependability.
There are two primary Power of Attorney documents: Healthcare Powers of Attorney (HCPOA) and Durable Powers of Attorney (DPOA). HCPOAs assign powers of healthcare to whomever you choose, whether that’s your spouse, child, or close friend. Should an accident occur and you become unable to make healthcare decisions for yourself, the agent you assign is given authority to make decisions on your behalf. HCPOAs are an absolutely critical piece of any comprehensive Estate Plan.
DPOAs similarly assign an agent to make decisions on your behalf if you become unable to do so, but the agents assigned by a DPOA manage your financial decisions and business affairs. As with any agents you assign, make sure that those to whom you grant Durable Power of Attorney are close, trusted individuals who will manage your financials with prudence and care.
If Powers of Attorney are one thing, it's dependable: you can trust them to ensure that all of your important medical and financial choices remain in safe hands, no matter what happens.
Living Will (You can trust him to get you home safe)
The Living Will is a little overprotective, but in all the right ways. He exists for one sole purpose: to ensure that your healthcare directives are honored.
When Simpson Law Firm drafts a living will for your Estate Plan, we listen intently and customize your Living Will to suit your wishes. This document codifies your wishes and binds any healthcare professional to follow important guidelines decided upon by yourself, such as whether you would like to be on life support, whether you would like to receive artificial nutrition, and much more. These are highly personal and financially important choices, and a Living Will ensures that your loved ones don’t have to fret about making them for you.
Simpson Law Firm loves all Estate Planning documents equally, but we’re happy to shine the spotlight this Valentine’s Day on these essential documents that work so hard to ensure that your assets and loved ones are protected and your wishes honored. If you would like to get to know any of these fine Estate Planning documents better, please reach out to us anytime; they might be the perfect gift to protect your loved ones this Valentine’s Day!
Don’t let any of these crucial Estate Planning documents be the one that got away!