When it comes to estate planning, there are so many topics to discuss that it is understandably easy for someone new to estate plans to miss critical elements of the process. Having a will is one of the most important factors in an estate plan. So many parts of the estate planning puzzle can be covered in a will.
Having a will and updating it frequently are two critical parts to an estate plan. But within that will, you should make considerations for when you reach an older age. For example, when you are over the age of 65, it will certainly become more difficult to get around and perform mundane tasks.
In this regard, many people add provisions into their will to plan for a day when they are incapacitated by either a medical condition or a disability. One of the ways to protect yourself in that future situation is to have a guardianship clause in your will. A guardianship allows you to name a guardian (or have a court appoint one for you if you don’t make your wishes clear in the will) who will take care of your financial responsibilities, consent to medical care and provide other crucial duties relating to purchasing goods and necessities.
You will want to appoint a trustworthy person to be your guardian. Your guardian will have a lot of responsibility, and if they fail in their duties they can be removed. But you don’t want to think about that — so appoint someone you know and trust.