At Sims and Campbell, estate planning and estate administration are all we do. Because we focus exclusively on this area of law, we see both sides of the story: the families who planned ahead, and the families left to sort things out when no plan was in place. The difference between the two is often dramatic.
We also meet many clients who have put off estate planning for years. That’s understandable. Few people enjoy thinking about their own death or the possibility of becoming unable to make decisions for themselves. But avoiding these decisions doesn’t make them go away. It just leaves them to the people you love, often at the hardest moment of their lives.
What Is Estate Planning?
Estate planning is the process of creating legal documents that record your wishes in case of your death or incapacity. A well-prepared plan tells your family and the courts who should receive your property, who should manage your finances if you can’t, and who should speak for you about your medical care. By making these decisions ahead of time, you spare your loved ones both emotional strain and unnecessary expense.
Common Reasons People Put It Off
Unlike driving a car, which requires a license, no law requires anyone to have an estate plan. That makes it easy to postpone. For many people, the idea of losing the ability to manage their own money or health care is even more uncomfortable than thinking about death, so they avoid the subject altogether.
Another common misconception is that estate planning is only for the wealthy. In reality, it matters no matter how much or how little you own. A plan ensures your wishes are carried out and allows your family to settle your affairs with less stress and cost.
We also work with many clients who signed documents years ago and assumed they were finished. Your estate plan should be reviewed as life changes, and many older plans are missing other essential documents entirely.
The Three Documents Everyone Should Have
We recommend that every adult have at least these three documents in place:
- A will, which directs how your assets will be distributed after your death.
- A financial power of attorney, which authorizes someone you trust to manage your finances if you become unable to do so.
- An advance medical directive, which allows a person you choose to make health care decisions on your behalf and records your wishes about end-of-life care.
What Happens Without a Plan
If you die without a will, state intestacy laws decide who inherits your property. Those rules don’t take your relationships into account. An estranged relative could receive your assets, while a longtime partner you never married could receive nothing at all.
If you become incapacitated without powers of attorney in place, your family may have to go to court to have a guardian appointed to make decisions for you. That process can be lengthy, costly, and public. The right planning documents can often keep your family out of court entirely.
Getting Started Is Easier Than You Think
The process is more straightforward than most people expect. When you meet with an attorney at Sims and Campbell, we’ll ask about your assets, your family, and your goals. We’ll then prepare your documents, walk you through them, and have you review and sign for proper execution. Most of our clients tell us they wish they’d done it sooner, and they leave with real peace of mind knowing their family is protected.
And because we also handle estate administration, we’re here for your family when the time comes, guiding them through settling your estate according to the plan you put in place.
If you don’t have an estate plan, or if your documents haven’t been updated in years, contact Sims and Campbell today to schedule a consultation. If you’ve recently lost a loved one and need help administering their estate, we can help with that too.
