Why You Should Have Estate Planning Documents in Place – Security in a Time of Crisis

January 31, 2016

By:  Olivia R. Holcombe-Volke, Esq.olivia@elvilleassociates.com, 443-393-7696

Last week’s historic snow storm drives home the importance of having estate planning documents in place, including not only a Last Will and Testament or Trust agreement that dictates the disposition of assets after death, but, perhaps more importantly, an Advance Medical Directive (also called a Living Will) and Financial Power of Attorney, both of which serve to appoint and direct Agents to act on one’s behalf during life.

Hopefully, most of us made it through this remarkable weather event with only the minor (or sometimes major) headaches of increased traffic, snow shoveling, and missed work or school. But any number of unfortunate realities could have resulted from Mother Nature’s antics – traffic accidents, health issues arising from snow shoveling, and the like.

Many clients seek the services of an estate planning attorney before travel; the risk of an airplane crash or a situation arising in an unfamiliar location inspires many of us to get our ducks in a row. But what about the much more likely and equally risky situations that can arise in daily life? In the midst of last Saturday’s blizzard, would anyone have wanted to risk a medical situation coming up and no health care agent being designated to act on their behalf? Or no financial agent being designated to pay the expenses associated with just such an emergency medical situation? Not to mention the increased risk of losing one’s life – a terrifying possibility, in and of itself – but for that to happen, without a Will or Trust in place to ease the burden upon those loved ones left behind, makes a tragic situation that much more so.

If you don’t have documents in place, or if your documents need updating, make an appointment with Elville & Associates today. Whether an epic snowstorm, a freak accident, or simply the increased probability of something happening with the passing of time, life is full of unexpected situations. Don’t leave such important details as your health, finances, or ultimate disposition of assets without a plan.

For more information, please call 443-393-7696 or complete the form below.

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