No one likes to imagine getting seriously ill, injured or worse, but these occurrences are a reality of life. Although you can’t prevent every catastrophic scenario, you can better manage the consequences by figuring out what you want to happen if you become incapacitated or pass away. Who should manage your money when you can’t? What are your preferences for health care? Who will inherit your property?
A comprehensive estate plan includes multiple legal documents that lay out your instructions for medical professionals, the financial institutions managing your money and the courts that will distribute your assets after your death. “An estate plan ensures your wishes are honored when you’re no longer there or able to enforce them,” said Joe Fresard, an attorney with Simasko Law in Mount Clements, Mich.
