<div class="block">It is never too early to start planning, especially when it comes to finances. Nicol Bell, attorney at Bell Law LLc, joined &#39;Stretching Your Dollar&#39; to talk about the basics of estate planning. &quot;It&#39;s really important for anyone who has reached the age of majority to start thinking about it,&quot; she said.</div>

Stretching Your Dollar

Stretching Your Dollar: Estate Planning Essentials 

To National State Planning months. So before the month wraps up, we want to talk about the importance of setting up a plant and joining me now to walk us through some of the tips that we need to know is attorney, the call Bell from Bell Law and the call, it's great to have you on the show. I think our viewers might be wondering whether or not a state planning applies to them. Who does it apply to? Uh Well, most people think estate planning is something that's only done by wealthy, but anyone who has reached the age of majority actually should consider developing an estate plan. So when is the right time to meet with an expert to discuss your own estate planning goals? When we think about estate planning very often, we think about preparing for when someone passes or we think about our elder family members, our grandparents, our aging parents, our elders in our family. But as I said earlier, it's really important for anyone who has reached the age of majority to start thinking about it. Think about the young adult going off to college once Children reach the age of majority which depending on the state they're in may be as early as the age of 18, they're then considered adults in the eyes of the law. What happens if that 18 year old gets into an accident and is rendered incapacitated in a state across the country where no one really knows them or their family, parents no longer have the right to have free access to their child to their child's medical records or their child's financial records. Once that child is considered an adult without proper planning, that incapacitated adult will have no one to advocate for them. And the family may have to institute court proceedings in order to be able to step in and care for their child. Powers of attorney and advanced direct health directives are part of a comprehensive estate plan. So having those documents as early as possible, make a world of difference like in the situation that I just explained. Ok, so maybe for our viewers of course, check the age of majority as Nicole referenced in your own particular state, but I do see that it is as you mentioned about 18 years old, I know people might not understand that a state planning isn't just for circumstances after you or a loved one dies as you explained, what more can you tell us about that? So and if you if you want to talk about when you want to make an estate plan, you really want to think about um taking an inventory of your assets, right? So you may decide that you want to make a plan for how you want those things to be managed after you pass. But then you should also think about the fact that it's not just about death. You also want to make a proactive plan for health care and day to day financial decisions while you're still living, such as in the situation I explained earlier. In addition, you want to think long and hard about whether there are people that you trust to be your agents, people who might be if we're talking about after death, an executor to distribute your assets and finalize your affairs after you've passed on. But maybe you need a guardian for uh to care for a child or a trustee to manage your finances. You may also want to identify a power of attorney for yourself or someone who can manage your finances if you become unable to do so while you're still living, you may also need someone. It could be the same person, but it doesn't have to be who you trust, make medical decisions for you if you were to become incapacitated and unable to speak for yourself. So you can always write those things down for yourself and have your writings witnessed and notarized, but it may be best to speak with a professional to make sure all your bases are covered. Ok? Um So this is really helpful in terms of the step by step process here to creating and the state plan might not be the easiest topic to have with your partner, with your loved one. Any advice on how to approach the topic and have that ongoing conversation? Yes. As with any difficult toppings, it's best for us to set the right tone, right. So you wanna find an appropriate time and place to talk, maybe meet in a place where your loved ones feel most comfortable. I'm gonna explain to them that you want to make sure that they're always gonna be taken care of that. Neither you nor they will be put in a position where they have to make stressful decisions in the future or worse where they won't be able to make any decisions at all. Um But especially if you're speaking with a parent or an older adult, don't assume that your loved one doesn't already have a plan, give them the benefit of the doubt and ask them to bring you in and let you know whether or not you have a role in their plan so that you can be prepared as well. But finally, and most importantly, don't wait, if you wait until there's a crisis situation and decisions have to be made. Your loved 1 may be less amenable to the discussions because they'll already feel as though they're losing control. But if you plan well before the plan is needed, there'll be less pressure to make the decisions and your loved ones will feel more empowered and you will feel more comfortable as well. Nicole, what happens in an emergency situation or even in a worst case scenario, death when there isn't an estate plan in place, not having an estate plan can definitely have long lasting and even costly impact. Without a plan in place. Your assets, your assets may be frozen to loved ones when they need them the most. Like if they need them to pay bills or something of that nature, and then your assets and your legacy are left in the hands of a legal representative chosen by the courts and not you. Some of the most stressful times in life are when a loved one gets sick or passes away. And the caretakers at that time, they're going through a wide range of emotions and they're stretched mental and they're expected to take control and make major decisions and final arrangements. Having a plan, minimizes that stress and uncertainty about whether they're making the right decisions for you. Also, if you have multiple loved ones with differing opinions about how things should be done, feuding can result. So providing clear instructions is very important. Clearly, naming who should make decisions is is important if not more important than the instructions because it will not only minimize the stress, but it will also minimize the chances of family strife in legal battles over who should be in control. How often do you advise that people return to their estate plan to update it throughout the process. You should set a routine to review every few years, but you should definitely update whenever there are changes to your family, such as if you get married or enter a civil union or domestic partnership. If you get divorced or you dissolve that union. If you welcome a new child or a grandchild, or if a spouse or a loved one passes away, there's even situations if you have a beneficiary or potential beneficiary who develops a physical or a mental health issue that could benefit from planning, that would address like a special need or preserve their eligibility for certain benefits. You also wanna review your plan and make updates when your personal financial situation or your financial situation changes such as when you start a new business, when you retire, if you acquire real estate outside of the state, in which you reside or if you receive an inheritance, for example. All right, Nicole Bell attorney. Thank you so much for joining Nicole.