If you have a family, most of your decisions and daily schedule will focus on what is best for them. You want to provide comfort and stability for your spouse, your children and anyone else who depends on you.
Thinking about what will happen to the people you love if you die or experience a medical emergency is unpleasant. However, if you want to care for the people that you love, you have to think about the support they will require if you aren’t there to provide for them.
Creating an estate plan is an important stop for those with dependent family members. What can you do to take care of the people you love if something happens to you?
Make plans for their care after you are gone
Although you will hopefully have many years of happy relationships with your closest family members ahead of you, life is not always that predictable. A car crash, an accident at work or even cancer could claim your life far earlier than the average life expectancy.
Creating an estate plan allows you to take care of the people you love even after you die. You can give them some of your property or even create a trust so that they have ongoing support for years. If you have children, you can name a guardian to fill a parental role after your death. You can even create a trust so that there are resources to provide for your pets when you die.
You can protect and guide them with a living will
Estate planning isn’t just about what happens when someone dies. A comprehensive estate plan can also include documents that take effect while someone is still alive.
Living wills, advance medical directives and powers of attorney can make a medical emergency less stressful for your family members by providing them with guidance for major medical decisions. You can also name someone that you trust to manage your finances so that your family won’t struggle with money because they don’t know to pay certain bills or have access to specific financial accounts.
Creating an estate plan can be a way for you to show your care and consideration for those that depend on you even after a medical emergency or your death.