Page 7 - White Paper-Estate Planning for Young Families

distributed to your family to make sure they are able to meet their expenses and
needs. Even with a will you will have to go through a process in probate, but a good
plan will allow you to streamline that process and arrange for at least some of your
assets to transfer immediately.

Second, where your wishes are clear and understood by your family, there is far less
of a chance of family disagreement and discord at a very difficult time. Imagine, for

example, that both you and your spouse have family members who feel they are best
suited to raise your children if something happened to both of you. If they cannot
agree, a judge will have to decide, after a process that will cost all of them money,
do little to foster good relations between the families, and most likely be confusing
and upsetting for your children. A simple estate plan can minimize the chances of
this occurring.

Planning for Disability or Incapacity

What many people overlook in thinking about estate planning is the possibility of
you or your spouse being incapacitated. This is not necessarily an end-of-life issue-
one of you could be injured or ill and temporarily unable to make legal and medical
decisions. This is why we recommend three simple documents for clients of any

age:

• Durable Power of Attorney. This document would allow your spouse (or
any other trusted relative or friend of your choosing) to make legal decisions
for you.

• Health Care Proxy. You would identify in advance the person you want to
make medical decisions for you during any period of incapacity.

• HIPPA Release Form. HIPPA is a law designed to protect the privacy of
patients. It can be a double-edge sword, since it can prevent loved ones, like
your spouse, from accessing your medical records and treatment information

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