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Since April is Financial Literacy Month, we have asked attorney Mark Gilfix to share his advice on preparing an estate plan. Read his guest post below!
Other than in emergencies, most of us don’t really think about legal or estate planning documents. We all know that we will eventually pass away, but figure that we don’t have to worry about that until we are old or sick.
The fact is, all of us, regardless of age, should have a minimum of 3 estate planning documents in place. Why? Because one never knows what life will bring. And because having these simple documents in place can save you, your family and loved ones immense costs and trouble in the future; they allow you to take control of your future, rather than leaving it up to the whims of the court system.
So what are the 3 documents? A revocable living trust, a durable power of attorney and an advance health care directive.
I won’t bore you with too many unnecessary details, but will give a brief summary of why each document is so important.
If you do not have these documents in place yet, speak with a local estate planning attorney. Spending a little time and money now can save you and your family immensely down the road.
Mark Gilfix is an Attorney at Gilfix & La Poll Associates and co-author of Facing the Reality of Long-Term Care. Mark Gilfix cares deeply about generosity and community building, in addition to connecting with people and helping them plan for a vibrant future. He practices in the areas of Estate Planning, Elder Law, and Special Needs Planning in Palo Alto, California.