Estate planning
is a lifelong process in which you evaluate your situation
and plan for the future. It includes planning for your
retirement, for the possibility of disability, and for
death. The estate planning process requires that you
consider a wide range of legal, financial, emotional, and
logistical issues.
Estate planning
can be a positive experience, since it involves reviewing
your situation and planning for your future. Although most
people also find it unpleasant to think about the
possibility of disability or death, advance planning is also
a way to show your love and to reduce potential distress
later.
Because every
person’s situation is unique, there is no single “checklist”
to follow for estate planning. Proper estate planning also
includes financial planning.
Financial
planners, accountants, and insurance agents can help you
identify other estate planning issues not addressed in this
brochure.
“The future is
called perhaps,’ which is the only possible thing to call
the future. And the only important thing is not to allow
that to scare you.” – Tennessee Williams
The mere mention
of certain words – such as “family,” “death,” or
“disability” – can evoke a wide range of emotions from
anyone. Such emotions can help motivate people to plan for
the future, but can also interfere with proper estate
planning.
When a family
member or friend dies, there is a natural process of
grieving, which can interfere with our ability to make
decisions. In addition, grief can sometimes impact
already-strained family relationships. A person’s death
often terminates or changes relationships, especially if the
deceased person was the only common link between other
people. For example, a surviving spouse may have less
contact with the deceased spouse’s children from a prior
marriage.
Many of the
emotions we feel after someone’s death are natural, healthy,
and probably unavoidable. However, some emotional problems
could be reduced or eliminated by advance planning. And
consideration of the impact of probate proceedings and
estate taxes can often avoid hardships.
Death is not the
only event you should plan for. Due to illness or accident,
many people become incapacitated, either for brief periods
or permanently, and cannot make their own decisions. If you
are disabled, your family and friends will be emotionally
distraught and yet may need to make very important decisions
for you.
Making decisions
for an incapacitated person is always difficult. The person
making the decisions will feel more comfortable if the
incapacitated person has left advance instructions and has
selected a specific person to make decisions.
Estate planning
must address the emotional needs of your family, your
friends, and yourself.
“The best
inheritance a parent can give to his children is a few
minutes of his time each day.” O. A. Battista
Special Issues for Divorced Parents
DocuBank
provides emergency access to your healthcare directives,
24/7/365. We include DocuBank as part of our estate
planning services to ensure that your living will, health
care power of attorney and other medical directives will be
immediately available at the hospital when you need them,
via fax and/or online –around the clock and around the
world.
Be sure to carry your DocuBank Emergency Card in your wallet
-- next to your driver’s license or health insurance card.
You should also periodically update your emergency contact
and medical information stored with DocuBank. To do so,
simply
click here
or on the DocuBank logo. For more information on this
valuable service, visit
www.DocuBank.com
or call toll-free 866-DOCUBANK.
For more information please
contact us!
