Comprehensive estate planning can protect your legacy for future generations.
But it can also involve some issues you might not have thought about.
For example, if you have children in college who are considered legal adults, you may not have any control over their medical treatment if they face a sudden, serious illness or are involved in an accident.
So, you may want to have your children sign a medical power of attorney form, which will allow you to make decisions on their behalf, if necessary.
Here’s another issue: Property owned by spouses can be treated differently in community property states than in common law states.
If you move from one type of state to another, you may want to consult with an estate-planning attorney in your new state to determine where you stand.
And don’t forget your pets.
To ensure they will always be taken care of, you might want to establish a pet trust, under which payments can be made to a caregiver you’ve designated if you become incapacitated or pass away.
Estate planning certainly covers big-picture issues.
But don’t forget the other ones, which can be meaningful to you.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
