Which Kinds of Emergencies Could Arise?
When an emergency such as the following strikes, estate planning can protect you:
- A serious medical crisis
- A car accident
- A death in the family
- Travel plans fall through and you’re stuck in another country
- You start having financial problems
Estate planning can help with many other emergencies too.
How Can Estate Planning Help You?
In an emergency, having certain key legal documents signed can save a lot of time and trouble. For instance, if you have a power of attorney or advance health care directive, then the person you choose can make medical decisions for you. The same goes for close family members – especially if anyone is unmarried or has a partner.
If you or a relative is stuck in another city or country and you have children at home, some advance planning could help too. You can put a plan in place for emergency guardians to take care of your children. You could even allow the trustee of your children’s trust to give them money in emergencies.
Further, getting estate planning in place can help if you have financial problems down the road. You could set money aside in a revocable trust and then access that money later if you need it. Or you could take money out of that IRA or 401(k) that you have been contributing to for years.
If the worst happens and you or someone in your family passes away, then estate planning is crucial. A will, and other documents such as a trust or beneficiary designations, help your family wrap up your estate efficiently and understand your final wishes. In short, estate planning may seem long-term, but it may come in handy in the short-term if an emergency happens.
Planning your estate? Look to Janet Brewer, Esq. for thorough and thoughtful estate planning advice. Janet’s more than 20 years of legal experience will give you confidence and peace of mind. To schedule a “Get Acquainted” meeting, visit Janet's website or call her office at (650) 469-8206.