Attorney Löan Shillinger is on a mission to change the way people look at estate planning. A common misconception is that it is only planning for death, and because people avoid thinking about death, they often overlook an important aspect of estate planning: to help your loved ones help you in life. “An estate plan and living trust empowers those closest to you to fulfill your wishes in a very clear and official way,” Shillinger explained. “This is a huge gift to your family, especially in a time of crisis.”
In Home Care, we see first-hand how family members struggle with having to make these gut-wrenching decisions when there isn’t a plan in place. I asked Shillinger, “As an estate lawyer, what are the Top 3 actions you advise your friends to take right now, if they haven’t already?” Here is what she said.
Establish Power of Attorney for Medical and Financial Matters:
Shillinger stressed the importance of appointing trusted individuals to make critical decisions on your behalf in the event of incapacity. “Having a Durable Power of Attorney ensures that someone you trust can step in to manage your affairs when you’re unable to do so yourself,” she explained. This can be one person for both, or you can appoint one person for medical decisions and a different person for financial decisions.
Establish Advanced Healthcare Directive:
The next thing Shillinger advised is the establishment of an Advanced Healthcare Directive. This would outline what you would choose for yourself if you became seriously ill or unable to communicate your wishes. It is a legal form, and you will have a gone line by line, deciding how you would want to be medically treated in a range of situations. She said, “This takes the pressure off your loved ones in a time of crisis. They will not have to agonize over guessing what you would want. It would be very clear.”
Create an Estate Plan:
The third thing Shillinger recommended we all do is create an Estate Plan, which would arrange for the distribution of your estate in your absence. “It’s an instruction manual of what to do under a variety of scenarios,” explained Shillinger. You could establish a succession plan, tier distribution, or dole out your estate over time. Although a will may be sufficient depending on the size of your estate, a living trust will avoid your assets going into probate. According to Shillinger, probate involves court and is time-consuming, taking a minimum of one year to settle. Probate can also be expensive, costing thousands. Shillinger said, “Probate delays your loved one’s ability to have that closure so they can celebrate your life.”
A Good Attorney Can Make the Difference
Yes, thinking about these things is daunting, but it would be a disservice to our loved ones not to plan for these eventualities. An experienced, vetted lawyer will make the process of estate planning less overwhelming as they will make sure that all your documents are carefully worded to your specific wishes. And, as the circumstances of your life change, or your wishes for the future change, your attorney will be ready to update your legal documents accordingly. Shillinger added, “You can have peace of mind knowing your future will unfold according to plan.”
Löan Shillinger can be found at Shillinger Law, 619-576-5719.
If you or an aging loved one are considering home care in San Diego, CA, please contact the caring staff at Aaron Home Care. (619) 880-5522
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