Sunday, June 20 is Father’s Day, a holiday honoring fatherhood and the contributions dads make to our families and to society. Dad’s protect their family’s present and future. Traditionally, children give their dad a gift on Father’s Day to show they love them. Dad’s are used to receiving gifts from their children to show their love such as a coffee mug, barbecue tools or sports gear. This year, on Father’s Day turn the tables and give your children the gift of peace of mind and protection of their future.
Planning for your end-of-life can be uncomfortable and even frightening. Nearly 60% of Americans don’t have a Will or Trust.
This Father’s Day, give your family peace of mind and protection. An estate planning attorney can help you identify key issues to protect your family’s future. A basic estate plan includes 5 key documents:
1. A will or trust provides dads with security and peace of mind, knowing his wishes and goals for his children’s future will be made known to his beneficiaries, family and legal representatives.
2. Guardianship papers let a custodial parent choose an estate guardian to take custody of the child and provide appropriate care, manage their finances and inherited money or property. If a father is temporarily incapacitated or unavailable due to illness, extended travel or other reason, a guardianship gives someone the legal authority to care for and make decisions for their child.
3. Advance medical directives are legal documents that inform your family and doctors how you want your medical and end-of-life care to be handled if you are unable to participate in your own decision-making.
4. Powers of attorney authorize someone to take legal actions for another person under specific circumstances. While many times a power of attorney is permanent, a limited power of attorney is designed to be temporary or for very specific situations and can be revoked when it is no longer needed. You can rescind both a permanent and a temporary power of attorney for any reason, provided you follow the legal process in your state and you are legally competent to manage your own affairs.
5. Life insurance planning protects your family after you are gone. In most cases, there is no probate court involved for your beneficiaries when they are paid proceeds from your life insurance policy.
As a dad and an estate planning attorney, I understand protecting your family is your #1 priority.
Dads guide and protect their children, today and in the future. This Father’s Day, protect your children’s future by contacting an experienced estate planning attorney at Estate & Probate Legal Group in Lombard Illinois at 630-864-5835.