While most of us know that having a plan for the future is a responsible step, the idea of “estate planning” often gets pushed to the back burner, filed under “someday.” But a well-crafted estate plan isn’t just about distributing your assets after you pass away; it’s a powerful tool for the here and now. It provides clarity on who can make decisions for you if you’re unable, what resources are available for your own care, and how you can best support your loved ones, starting today.
First Things First: You
Arranging care for yourself in the event of a crisis, emergency, or, a big old life that might include capacity declines, is not selfish. Having a proactive “what if” plan, and designating assets and people for it, is probably one of the greatest gifts you can give to those you love. Consider, for example, the stress for everyone around you, if you suddenly become unable to make decisions for yourself due to an accident or illness. This is where foundational estate planning documents, like a Durable Power of Attorney for finances and a Health Care Proxy become essential. The trick is: they have to be done before an emergency strikes. As Lawyer Lisa underscores, planning ahead contributes to peace of mind for individuals and families:
Estate planning isn’t just about death—it’s about control, protection, and clarity during your lifetime and beyond. It allows you to:
- Choose who will make decisions if you can’t
- Avoid family disputes and legal delays
- Protect your assets and your legacy
- Ensure your healthcare and financial wishes are followed
The best time to plan is before a crisis, while you have the full ability to make thoughtful choices. Delaying only limits your options—and increases the risk that important decisions will be made by others. Take the time now to create a plan that protects you and the people you care about. It’s one of the most important gifts you can give your family—and yourself.
Once you commit to estate planning, there is lots of help available to carry you forward. These estate planning basics will get you started. It’s also a good idea to have a handle on your assets, be they few or many, so try jotting out a basic balance sheet that reflects your savings and debts. Attorneys at Parks & Jones offer this overview of key decisions a thorough approach to estate planning will enable you to make:
- Establishing a medical advance directive
- Choosing a trusted individual as your personal representative to make decisions on your behalf should you become incapacitated
- Protecting your assets from the estate tax (such as through an irrevocable trust)
- Protecting your assets from creditors
- Circumventing potential family disputes over the distribution of your assets
- Controlling the amount of money your beneficiaries receive
- Avoiding the potentially lengthy and costly probate process
- Ensuring that your minor children are cared for in the event of your death
- Proactively planning for long-term care
Helpful To Know: Estate Bonds
Frequently the representative appointed to administer an estate plan, such as an executor, personal representative, or trustee, is required to obtain a type of bond, referred to generally as an estate bond. The purpose of an estate bond is to guarantee that debts and assets will be properly handled in accordance with the estate plan, as well as state laws and protocols. An estate bond is sometimes alternatively named specifically based on the role of the fiduciary. For example, an estate bond may be referred to as a trustee, executor, personal representative, guardianship or conservator bond.
Colonial Surety Company makes it quick and easy to obtain estate bonds of all kinds. A user-friendly online service allows you to quote and obtain a bond that is instantly available to download or e-file. Fiduciaries in every state can efficiently obtain their estate bonds here:
Estate planning attorneys can help clients secure fiduciary bonds with a few clicks on The Partnership Account® for Attorneys. Just select the bond needed, send it to your client for payment, and then download, e-file or print the bond. That’s it!
Our fiduciary bonds include: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Of course we have court bonds too, including: appeal, supersedeas, injunction, replevin, receiver and more.
Founded in 1930, Colonial Surety Company is a direct writer of a wide range of bonds and insurance products. Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA.