For Non-Royals
You don’t need a grand estate to need estate planning. This is something we all need think about. When do you need to start thinking about estate planning?
The real answer is: If you have assets (and we include people in that) meaningful enough to protect, do it now. However, most people begin to think about this once they marry or have children.
What You Need:
1. Will: You will need a will. They not only determine who gets what as it relates to your assets. It determines who will become the legal guardian of your child. For more read: Wills: What’s the Story?
2. Inventory of What you Own: And importantly- where you own it. This is always a good thing to have. In the event something happens to you or a family member the last thing you want is people trying to figure out where you held all your checking accounts.
3. Trusts: Trusts are not just for the rich and fabulous. They are efficient safeguards of wealth that minimize taxes and maximize your wishes for the funds you are giving to others. For more read: What is a Trust?
4. Power of Attorney: You want someone in place to legally make decisions for you should you be unable to make those for yourself. You can revoke these rights at any time. For more read: What is Power of Attorney?
5. A Living Will and Health Care Proxy: These are two things that relate to your medical care. A living will is a person’s wishes regarding their medical treatment. This will be used if you are not able to provide instructions at the time. A health care proxy designates another individual to make health decisions for you should you not be able to make them yourself.
Remember, this is an ongoing process that needs revisiting. If your children’s legal guardian was Uncle Fred, who flew off the handle last January and moved to Ko Samiu; that warrants revision. You don’t want your kids eating fried bananas on the beach for the rest of elementary school.
And most of all, remember to live while you are living!
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