Imagine being dropped in the middle of a vast forest with no phone, no map, not even a compass. Scary thought, right? Without an estate plan, that is basically how you are leaving your children should something happen to you.

This week I am joined on my podcast by David Feakes, founder and owner of The Parents Estate Planning Law Firm, PC. David works with families to make a comprehensive plan should something catastrophic happen, such as the death of parents with minor children. David and I talk about estate planning in terms of drawing a map. First, you figure out where you are. Then you decide where you want to go. Lastly, you make a plan for how to get to your destination. With regard to estate planning, there are three major legalities to cover:

1. Guardianship - You might have an idea as to who you would like to raise your children in the event of your untimely death, but you need to be sure that your desires are spelled out in a legal form. Additionally, you must consider short-term guardianship. Do you know who will take care of your kids until your long-term guardian assumes duties? Especially now, when travel is more complicated, short-term guardians, or people within a 15-20 minute radius of your home, are a necessity.
2. Assets - Who will have access to your assets? How will they be delivered to your heirs? Who will manage the money and until what age? How do you protect what you’ve earned and saved to ensure it all goes to your intended recipients?
3. Incapacity - If you are unable to make decisions, it is important you name someone to take over management of your affairs should you become incapacitated.

All of the above-mentioned affairs can be “mapped” in two different ways: a will or a revocable trust. A Personal Family Lawyer® is a great resource in helping you draw that map to lead your loved ones down the path you intend. 

David Feakes is the founder and owner of The Parents Estate Planning Law Firm, PC. His practice focuses on estate planning, wealth transfer, and asset protection. He develops lifelong relationships with his clients, serving as a trusted advisor to them and to their families. David has the distinct honor of being one of only a few Personal Family Lawyers® (PFL®) in Massachusetts. Most importantly, David is a husband and a dad and in his free time enjoys hiking, biking, and traveling.

Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/