It is a common misconception that only the very wealthy need an estate plan. But the reality is most people can benefit from one. It puts you in control of what happens not only after death, but also during your life if you become incapacitated.

With an Estate Plan

• You choose who acts on your behalf when you are unable
• You make decisions regarding life support
• You choose who makes medical decisions
• You choose how your assets are divided upon death
• You retain the power to revise, amend, or revoke all documents at any time during your lifetime (unless incapacitated)
• Your personal care and financial information is shared only with those you choose
• Someone you choose has the power to make important decisions without legal intervention
• If titled correctly in accordance with estate planning, probate can be avoided or kept to a summary

Without an Estate Plan

• Your family will need to petition the court for a guardianship to assist with your medical and financial needs
• Your family and/or court decides who acts on your behalf
• Court will choose and appoint an attorney for you
• Court will order an examining committee to determine your capacity to manage your affairs
• Your assets and all transactions will be monitored by the court
• Family will need court approval to make the majority of financial decisions
• Accountings and care plans are required annually until your death
• Upon death, your remaining assets will pass through probate

Are you ready to start putting together your estate plan? Reach out to the Marks Gray Estate Planning Team today.