On a recent episode of the Akiona Law Podcast, we had an enlightening conversation with Estate Planning attorney, Kanoa Ostrem. CNBC held a survey and concluded that 67% of Americans don’t have an estate plan. Because that number is so high, it leads most people to wonder if they truly need an estate plan. Others may be under the impression that the amount of money they have or their net worth doesn’t warrant the cost of meeting with an attorney and creating a solid estate plan.
At Akiona Law, we focus on Family Law. At our core, we are a firm that wants to empower families while helping them with their concerns and goals. After our conversation with Wills lawyer, Kanoa Ostrem, we felt the need to share why having an estate plan is in the best interest of you and your family.
The Power of Estate Planning
People meet with Estate Planning attorneys to create Wills, Powers of Attorney, Trusts, and Healthcare Directives (among other things). Most people have significantly more assets than they may realize, but even if you have very few, you can still benefit from having an estate plan. Attorney, Kanoa Ostrem, pointed out that every adult should have a medical power of attorney. This is the person who makes medical decisions on your behalf.
There could be a scenario in which you are injured in an accident and require immediate surgery that someone needs to authorize. This can be difficult if there’s no written authorization in place. Typically, people choose a spouse, friend, or another family member to fulfill this role. An Estate Planning attorney can also create a financial power of attorney so that someone can pay your bills (to include medical costs) if you are incapacitated.
Although you cannot know for sure what the future holds, estate planning allows you to be prepared for it. Creating a Will is a simple way to name a guardian for your children, choose beneficiaries, and designate an executor to carry out what you have outlined in your Will. Without a Will, your assets get distributed by intestate laws, and the courts can not consider your wishes because they were never finalized in an official document.
The team at Akiona Law is dedicated to helping families. Whether you are about to go through a divorce, working through child custody issues, or are trying to remove yourself from a domestic violence situation, we will support you and treat you respectfully on your journey. We share this information about Estate Planning because it is one way of giving you the peace of mind you deserve. Contact us today to set up a consultation if you have further questions about Family Law and the services we can provide.