Photo Courtesy of Flickr’s wickenden
Yesterday, I participated in a pro bono effort called Wills for Heroes, a program designed to provide free legal documents to our nation’s first responders. Held in Bensalem, PA at the State Troopers headquarters, the event was well attended and the 10+ attorneys were able to help around 40 officers.
The program underscores the importance of managing your “estate” and planning for the future if you should pass. Although it can be distasteful to discuss one’s death, it is highly responsible to plan for your loved ones.
The three key documents everyone should seek to draft are:
- A Will
- A Durable Financial Power of Attorney
- A Health Care Power of Attorney/Living Will
Individuals have many options in obtaining these documents. The do-it-yourself route includes LegalZoom and Quicken. Notably, there has been a strong backlash against LegalZoom for guiding people to improper decisions and creating wills that, in the end, reach probate. Finally, if you think you can handle one of the do-it-yourself methods, I urge you to take this MSN Money quiz to see if you have the knowledge to draft your own will and deal with the complexity of estate planning.
An experienced estate attorney (which I am not) will discuss with you the pro’s and con’s of your decisions, including the person you choose as a guardian, beneficiary, and trustee. They can present to you alternatives and updated laws and court decisions that may dramatically impact your estate.
Of course, controlling costs with an attorney is important. So, it is best to shop around and find one that will provide you a reasonable quote, taking into account the complexity of your estate and final wishes.
In the end, it is best to consider a will and its associated documents as a responsible choice that any grown-up must encounter and handle properly.
Don’t hesitate.
