When most people consider the concept of estate planning, it is because they are thinking about how they will pass on assets to their loved one. It is a natural instinct to think about how you will benefit other people with the distribution of your estate, but you should never neglect the most important person in the estate planning process: yourself.
Putting yourself first requires careful consideration about your individual needs and the strategies and tools you must have in place in order to accomplish them. Estate planning is truly about much more that writing a will. It is also thinking about how you can take care of yourself while you are still alive. Incapacitation and sudden disability can present unique challenges for your loved ones as well as you.
Most people view estate planning as a long-term process that will take care of their assets when they pass away, but estate planning should also incorporate your intention to what will happen to you if you become incapacitated. Naming another person to step in and make decisions on your behalf or having a succession plan in place for the family business are two things you must consider as it relates to incapacitation. The right documents at your side can empower someone else to make critical decisions on your behalf if you become unable to do so. Although it is wise to think about everyone you can benefit with proper estate planning, you need to also put yourself front and center of any estate planning process. Scheduling a consultation directly with an estate planning lawyer will help clear up critical questions and allow you to outline some goals for your future.
