Are You Ready?

     If you were incapacitated or died today, what would happen to your loved ones and your property? Who would assume responsibility to make sure everything was okay? How would anyone know your plans for the care of your loved ones and your property? Even if you have answered these fundamental questions through proper estate planning, it is important to review your answers periodically, because they may change over time. To help ensure that your review is thorough, remember to cover the Three P’s of proper estate planning: People, Property and Plans.

Your People

     Our life experiences are enriched by the relationships we develop with other people. Who are the important people in your life? Depending on your unique circumstances, your list may include your spouse, children, grandchildren, parents, siblings, nephews, nieces or friends. Beyond these, your important “people” also may include worthy causes, charities, and even pets.

Your Property

     The term property includes not only real estate, but all of your assets, regardless of form. What property have you accumulated? Have you inventoried and valued your things? Do not forget tangible personal property, such as heirlooms and antiques, for which sentimental value can far exceed appraised value.

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First Things

     New parents quickly learn that children’s needs come first. Adhering to that philosophy, parents of minor children should consider two key issues when preparing an estate plan. First, who would take care of their minor children and second, who would manage their financial matters and inheritance should both parents die or become incapacitated?

Guardian Guidance

     Parents have the right, and the obligation, to appoint legal guardians (or back-up parents) of their choosing to rear minor children to adulthood. (Note that even if parents are separated or divorced, the surviving biological parent will continue to be the children’s legal guardian unless deemed unfit by a court.)
     While every situation is different, here are some general guidelines to keep in mind when selecting guardians:

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