Why is it Important to Prepare an Estate Plan?
An estate plan is your way of taking control of what happens with your life, your health, your finances and your family’s well-being in the event you become mentally incompetent or pass away. Rather than the government making decisions for you, you can take control of personal family decisions by working with Chapman Law Group to prepare wills, trusts, powers of attorney for medical care and financial management, as well as many other documents such as family partnerships and limited liability companies.
What will Happen if I Don’t Prepare an Estate Plan?
If you do not have a will or a trust or powers of attorney, then you are relinquishing control of what happens to you and/or your loved ones when you pass away or if you become mentally incompetent due to either a traumatic accident or extended illness.
If you become mentally incompetent and don’t have a medical power of attorney, the court will make decisions for you by naming someone to serve as your guardian. The court-appointed guardian may not necessarily be the person you would choose to make these important medical decisions for you. Furthermore, if you do not provide medical instructions in a power of attorney, the court-appointed guardian would not have guidance from you. Similarly, if you become mentally incompetent and you don’t have a financial power of attorney or a fully funded trust, the court will choose for you a conservator, who may not be the one you want or financially do what you want.
If you prepare powers of attorney with Chapman Law Group, you – not the court – can personally name your patient advocates and agents and provide them with a set of instructions that tell your patient advocate what kind of medical care and financial decisions you want them to make for you.
After you pass away, if you do not have a will or trust, your estate will be subject to state statutes, which may not direct your assets in the manner you desire or to whom you love.