Legacy planning isn’t just for the wealthy. It’s something everyone should think about, especially as you grow older. It’s all about making sure your wishes are followed when it comes to your health, your money, and who takes care of both if you can’t do it yourself. Let’s break down some of the key parts and how you can avoid common mistakes.

First off, you might have heard about something called a living trust. This is a tool that helps make sure your belongings go to the right people without getting stuck in a long, public court process called probate. Without this trust, your family might wait a long time and spend extra money to access what you leave behind. Plus, everything becomes a public record, which you might not want. The solution? Consider setting up this type of trust with the help of a lawyer. It keeps things private and smooth for your family.

Next, let’s talk about making sure your trust actually does its job. Just creating one isn’t enough. You have to make sure things like your house, car, and bank accounts are officially put in the trust’s name. If you don’t, those items might still go through probate, which is exactly what you wanted to avoid. Keep track of what you own and make sure new things you get are put in the trust, too.

Another important piece is who you’ll entrust with power of attorney. This allows someone you trust to handle your money if you can’t. Without it, a court might have to decide, which can take time and might not end with the choice you would’ve made. Make sure to choose someone reliable and let them know your wishes.

Healthcare decisions are another big part of legacy planning. A healthcare directive lets you outline what medical treatment you want (or don’t want) if you can’t speak for yourself. It also lets you choose someone to make healthcare decisions for you under the same circumstances. Without this, your family might have to guess about your wishes, which can be really hard on them.

Remember, legacy planning isn’t just about leaving things to your loved ones. It’s also about making things easier for them if you’re not able to manage your own affairs. It’s about taking control and making decisions now that will help protect you and your family in the future. If all this sounds overwhelming, don’t worry. You don’t have to figure it out alone. Our team of Financial Architects work closely with estate attorneys who can help guide you through this process, making sure your plan fits your needs and wishes.

Taking care of your legacy planning might seem like a big task now, but it’s a great way to make sure your wishes are known and followed. It’s a thoughtful gift to your family, saving them from having to make tough decisions during hard times. So, don’t wait. Start the conversation by calling our office at (435)773-9444 and get the help you need to make your plans clear and solid.