Every second Sunday in May, we celebrate Mother’s Day, a day to honor our mothers for all the love and sacrifices they make. For many of us, it’s also the day that causes us to wrack our brains, trying to come up with just the right gift to show Mom how much she really means to us. And every year, coming up with that right gift seems to get harder and harder. How many bathrobes, bottles of perfume, or candles can she use? And while “saying it with flowers” sounds nice, just how many times can you say “it” with flowers? One gift that you may never have thought of but that can actually be one of the best Mother’s Day gifts you ever give her is an estate plan.
What Is an Estate Plan?
Many people think that an estate plan is just drafting a will or they think an estate plan is only for rich people, however, there is so much more that can be included in an estate plan to ensure that all of a person’s wishes are met when they die. In addition to wills, some of the common tools used in an estate plan include:
- Trusts: A trust will ensure that your assets and/or property will go directly to the person you name as beneficiary. Unlike a will, there is no probate process required for trusts so there is no delay in transferring these assets and it remains completely private.
- Letter of Intent: A letter of intent can specify what type of funeral you do or don’t want, including any special requests. You can also leave instructions for the executor and/or beneficiaries of your estate.
- Durable Power of Attorney: This document designates a trusted person to oversee your assets and act on your behalf should you become incapacitated.
- Healthcare Power of Attorney: This document designates a trusted person to make decisions regarding your medical care should you become incapacitated.
Significant Others and Special Friends
Estate plans are not just for older moms. They are also critical documents for single mothers. If you have a special single mom in your life that you want to honor with a Mother’s Day gift, an estate plan is a perfect gift to give her peace of mind knowing her children will be taken care of should anything happen to her.
In addition to the estate planning tools mentioned above, one important estate planning tool for single parents is choosing who will be the legal guardian for their children should that need ever come. This may be the most important decision a single mother makes when putting together an estate plan because this is the person she is entrusting the care and support of her children should the day come she is no longer here for them.
Contact Our Office Today
While it may seem unconventional, a Mother’s Day estate plan really is the gift of a lifetime. To learn more, contact the Yee Law Group to speak with a seasoned Sacramento, CA estate planning attorney.