Should you be estate planning? Yes.
Last summer as we all settled into pandemic living and came face to face with concerns about the safety of our families, theCityMoms sat down with local attorney Cara Chittenden for a Facebook Live chat about all things estate planning.
If you’re like me and spent a lot of time on the internet this past year {think endless hours of just-for-fun house hunting} - minus the motivation to follow through on your research - now may be the time to take the next step toward planning for the future.
So what is estate planning and why is it important?
Cara defines estate planning as “the process by which a person disposes of their property or manages their affairs either in the event of their death or in the event of their incapacitation or disability.” A Zionsville-based mom to two littles, Cara can relate to the desire to know that the future is secure for your family should anything happen to you. With their knowledge of laws and certain documents, estate planning attorneys can help you think through and make known your wishes when it comes to any medical decisions that may arise, management of your property and assets, the care of your children, and even the care of your pets.
Cara walks us through some basic estate planning considerations:
In the event of a serious injury, think about what you would want to happen to your property {including people in your care} and to your person if you became incapacitated, even if only temporarily.
In the event of your death, make a plan for your tangible property and for those in your care. Consider your wishes if you and your spouse pass away together: Who will care for your children and how do you want that to look? How will you divide your assets and do you want your children to have access to those immediately or sometime in the future?
Create a last will and testament, a legally binding document that designates your wishes if you should pass away.
Complete legal documents including power of attorney, a health care representative appointment form, and a living will {designates how you wish to be cared for if you have an injury or illness that will imminently result in your death}.
What about online tools for creating custom documents?
Cara explains that these programs can be helpful for starting conversations and letting your loved ones know your intentions. However, estate planning documents are state specific and, if not tailored to where you reside, may not be accurate or legally enforceable. Cara recommends speaking with an attorney who can help you consider your particular life circumstances and how to legally ensure that your wishes are carried out.
WHILE WE'RE CHATTING FINANCIALS, What is the Child Tax Credit?
When should you seek help with estate planning?
If you don’t have a legal plan in place and you have children, now is the time to make sure they will be cared for and in the manner you would like. If you haven’t designated a caregiver and something happens to you, the state will try to determine what is in your child’s best interest, but this doesn’t guarantee that the plan will mirror the choices you would have made. Outline this specifically in your will, keeping in mind that you can name anyone you want and you can even name a few people and rank them in order of preference. Cara does not recommend that you pull a Life As We Know It but does suggest reevaluating this plan every few years or if your situation has changed {marriage, divorce, a death, winning the lottery}.
While not nearly as much fun as perusing house hunting apps, estate planning is an important aspect of preparing for the future. Having some control over your child’s security can provide you with a great deal of peace of mind.
MORE DETAILS: If you have questions or want to begin this process, you can find Cara and her firm on Facebook at Rebecca W. Geyer & Associates, PC or head over to their website {https://www.rgeyerlaw.com/}.
ABOUT THE AUTHOR: Indy native Melissa Ranck is a social worker turned stay-at-home mom {who “stays at home the least” according to her friends–she loves ALLLL the play dates!} to three boys ages 9, 7, and 4. She is a preschool volunteer extraordinaire and also spends lots of time with the teens she leads in her church’s youth group.Melissa’s favorites include binge watching trash TV, McDonald’s Coke, napping, cooperative preschool, and novels with unbelievable happy endings.
