It is really surprising when you see the statistics regarding how prepared people are for the future. There was a Harris interactive survey conducted back in 2009 that shed some light on the subject.  Only 35% of the people that they communicated with had executed a last will, and a paltry 29% had signed a living will. This is really unacceptable because you are putting your family at risk when you go through life without an estate plan.

The survey indicated that people are often deterred from engaging in estate planning because they are under the impression that it is only important for people with extraordinary wealth. Many of the respondents also mentioned the fact that they were reluctant to incur legal expenses and this was one of the reasons why they had failed to executed any estate planning documents.

In reality, estate planning is important for people of all income brackets. You could say that it is even more important for people who don’t have extraordinary means to make sure that their loved ones will have some resources to draw from should the unthinkable take place. One of the aspects of estate planning that would be relevant in this regard is income replacement. Having an income replacement vehicle in place such as adequate life insurance coverage is key when you have people depending on your income.

As for legal expenses, the relatively modest cost of representation is going to far outweigh the costs of a lack of preparation. There are sources of asset erosion out there and your estate planning attorney will evaluate your assets and do what is necessary to keep them intact as you are passing them on to your loved ones.

Everyone should have at least a basic estate plan in place. If you are currently unprepared, take action for the benefit of those that you love and arrange for a consultation with an experienced estate planning attorney.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

Healthcare choices have gotten a lot of attention in the news over the last couple of years, and this is something that everyone can address in their estate plan via an advance health care directive or living will. This is a legal instrument that, among other things, allows you to communicate exactly what medical procedures you will allow or disallow. So if you want to be kept alive with life support systems, you can make that known, and if you don’t, you have the legal right to record that preference as well.

Another form of advance healthcare directive is known as a healthcare power of attorney. This legal instrument empowers a person of your choosing to make medical decisions in your behalf. This is extremely important for same sex couples, because as we know most states don’t recognize same sex partnerships. And even same sex couples who are legally married today may face a different set of circumstance at some point in the future. Executing a healthcare proxy or medical power of attorney will ensure that the individual of your choice is empowered to make medical decisions in your behalf if you can’t make them for yourself.

Your advance directive can also include a visitation directive that legally assures your partner’s visitation rights. A recent executive order requires hospitals that receive federal aid to honor health care directives executed by same sex couples, and visitation rights are a part of that order. But the more legal leverage you include in your estate plan, the better.

It’s clear to see how everyone could benefit from the inclusion of an advance healthcare directive into their estate plan, but it is especially important for same sex couples. Though many would say that the prevailing perspective isn’t fair, the ability to choose who makes your decisions and who can and cannot visit you in the hospital is yours via a well constructed advance healthcare directive.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.