After executing a comprehensive estate plan that addresses the points highlighted in the previous posts, clients tend to have peace of mind knowing that they have addressed very important concerns and a solid plan is in place to attend to those concerns should something happen to them. Not only does the estate planning process address issues that arise upon death, it usually encompasses questions as to what should happen if someone becomes incapacitated during life. Executing Powers of Attorney for Property and Health Care, or their equivalent, are usually a part of the planning process. These documents name an “agent” to act on behalf of an individual if he or she becomes unable to make decisions related to matters addressed in each of the documents.
In the end, a client’s estate plan should address these points in a manner that personalizes the process so as to achieve well-defined goals. Although it may not be comfortable for some to consider these issues, it is important to begin thinking about the “what ifs” and addressing these concerns to the best extent possible. As referenced above, there are several as to why someone should address these concerns. The point is to engage in the process now, so that it’s easier in the end.