Preparing for the Future

Once you become an adult – whatever that means to you – there are three questions that you must ask yourself. 

       

First, do you have a will?  Before you say “I really don’t have an estate” think about this.  You probably have personal possessions that you’d like to pass along to someone.  Maybe it’s your baseball-card collection, or jewelry that was passed down to you by your mother.  You probably have some definite ideas about who should get what from your possessions.

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But, once you’re gone, it’s too late.  You can’t come back from the great beyond to tell people what to do.  If you don’t want the government to be making decisions for you, you should have a will – one drawn up with the guidance of an attorney who can ask the right questions and draft a document that meets your unique requirements.

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Second, do you have a Power of Attorney document?  Simply put, that’s a legal document that outlines your wishes and assigns another individual to make decisions for you when you cannot make them yourself.  One of the most common applications is by an elderly person who, because they are ill or otherwise incapacitated, needs to have someone handle their affairs during the time that the help is needed.

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Older people are not the only ones who should have a Power of Attorney document.  Imagine that you are injured in an accident and you can’t make your wishes known.  Who would make decisions for you?  Would you prefer someone that you have designated – or someone arbitrarily picked by the courts?  You cannot automatically assume it would be your parents, spouse or significant other.

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Third, do you have life insurance?  When you are young, it doesn’t seem important.  But, that’s precisely when your rates would be lowest.  There are scores of life insurance companies and many kinds of policies available.  What you eventually select will depend on your goals, and your budget.  The most important thing is to begin the process of getting life insurance coverage.  That’s when an attorney can show you, in plain English, the conditions and limits of a policy you may be considering.

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For wills, power-of-attorney documents or help demystifying the language of insurance, contact Brzustowicz and Marotta, the attorneys who provide the legal help you need.