If you are like the majority of Americans, you may not realize the role that a last will and other life planning documents can play in your life. Despite the Covid-19 pandemic, most Americans still have no will. The surprising news regarding these documents comes from younger adults –those under 34 years old– who are apparently more likely now to have wills. It seems that those of us who are older than 34 have no estate planning documents in place.
Yet these documents let you provide peace of mind for yourself and your family.
Wills and Estate Planning
Estate planning is more than having a testamentary will, which is the document you use to dispose of all your property.
A testamentary will, whether alone or together with other documents, lets you dispose of your property the way you deem appropriate. Not all of your property may be disposed of through a will, and therefore may pass directly to your heirs without the need for probate.
What are Life Planning Documents
While most people think of estate planning as what happens to their property and who gets it when they are not here, the reality is there are many other circumstances to plan for besides who gets what.
For example, anyone can suffer unexpected circumstance that may lead to incapacity. In such a case, you still need to be able to have control over your estate, and can plan accordingly. In this case, one of the important documents to have is a durable power of attorney.
Other documents included in estate planning which let you have control over your situation include living wills, health care surrogate designation, powers of attorney and even a document providing for funeral arrangements and disposition of remains.
These documents, or a combination of them, can make life easier for you and your family when you are no longer able to make your wishes known.
Estate and life planning documents are not just for older persons.
For those of us who are not partnered, part of a large family, or whose family have passed on, these documents can be important. According to the Pew Research Center, older people in the United States are more likely to live alone. In this regard, a living will and health care surrogate designation, for example, give us the power to address an illness even if we are not able to communicate because of that illness.
Many of us do not like to think about disability or death. Admittedly, it can become confusing as to what documents you may need or even want in the event of a debilitating illness or worse. The easiest and best starting point is simply to gather information.
If you have questions about any of these documents, please contact me at 305-710-9419 or email me at Vivian (at) viviancrodriguez.com.
You can also request information using this link: