As 2013 comes to a close, many people will be looking beyond into 2014 for a fresh start. Many of those may be looking to accomplish bigger and better things. As a result many people will look to set New Year’s resolutions or goals to accomplish during 2014. So many resolutions require a large amount of planning and effort. Some popular New Year’s resolutions typically include getting into shape, eating better, or being more frugal. However, one of the more important resolutions that you can make is developing your estate plan. The good news is that developing an estate plan does not require a great deal of time or expense. Creating your estate plan can end up being one of your easier resolutions while also being one of the more important decisions that you can make.
You may be wondering what exactly is involved in developing an estate plan. An estate plane can involve a number of different aspects to make sure that your wishes are carried out if you were ever unable to make those decisions. One of the most important pieces of an estate plan is a last will and testament. A will in its most basic form designates where you want your assets to go upon your death. However, a will can include much more than the distribution of your assets. A will can allow you to specify a guardian for any minor children, set forth specific gifts to certain individuals, or even designate your wishes regarding your remains.
Another important piece of estate planning is a health care directive. A health care directive is a legal document that sets forth your wishes for your care in the event that you are unable to make a decision for yourself. There are number of different documents that can be considered a health care directive including a living will, a power of attorney, or an appointment of a health care agent. While each of these documents serves a different purpose, they each allocate the decision making authority regarding your health care treatment to another person if you are incapacitated.
If you would like to easily cross off one of your New Year’s resolutions, contact the Nashville estate planning attorneys at The Higgins Firm. Our Tennessee estate planning lawyers would be happy to meet with you to develop an estate plan. We make the estate planning process as smooth and easy as possible. Be sure to give us a call today.