If
you have any dependents, you must already know and fear that they’ll
be helpless the moment you somehow become unable to financially
support them. There are two ways this grim scenario can play out;
from your mental incapacity, or from your untimely demise. If you
want to ensure that your dependents will be properly taken care
during your absence, then you should consider planning your estate.
Estate
planning refers to a financial contingency strategy that’s enacted
upon your incapacity. The most well-known of these strategies is the
creation of a last will and testament, which contains a set of
instructions on how your estate will be handled upon your passing.
Estate planning can also be useful should you become mentally
disabled, as you can prepare a legal statement—called an advance
medical directive—that confers upon one trusted confidante the
right to make medical decisions for you.
Naturally,
to prepare an estate for an emergency, you’ll need a lawyer who can
help produce the necessary documents. Legal advice can also help
individuals determine their full options for estate planning, as well
as deal with issues such as probate. Your dependents shouldn’t be
left empty-handed once you depart, so it’s important to have a
backup plan ready.
