Legacy and incapacity planning are two areas of estate planning that encompass far more than managing your assets during or after your lifetime.
Just like your goals, your legacy is unique to you and your family. While an estate plan addresses who will inherit your assets, it goes well beyond monetary aspects to include incapacity and guardianship for your children.
Incapacity planning helps you prepare for unexpected events at every stage of your life – who will manage your finances if you’re no longer able to do so yourself, the type of care you will receive, and who will oversee your health care. Failure to plan for incapacity can result in lengthy, expensive court proceedings where a judge will appoint a decision-maker for you. This appointed person may or may not be someone you would have picked yourself.
Guardianship for minor children is the most important thing we do inside an estate plan for those with young children. You have specific values, experiences, hard work, and memories that define your life and are important to you and your family. These are the things you should consider in deciding who should be the guardian of your children should you ever be incapacitated or pass away while the children are minors. You know your children and your family better than anyone else, including the court, and it is important your wishes are followed!