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What Should I Know About Estate Planning?

Posted on April 16th, 2021

What Should I Know About Estate Planning?

Estate lawyer

Preparing an estate plan can be an overwhelming task. It is common for many people to hold off on their estate planning until much later in life. It is always a good idea to make sure you have your legal documents and plans in order before a major life event happens though. An estate lawyer can assist you with all your estate planning needs. Due to the complex nature of the legal process, meeting with an estate lawyer to discuss your priorities and interests in regards to your estate plan and future healthcare is recommended so that your plan can be executed properly. 

What is an Estate Plan? 

An estate plan consists of many types of legally binding documents that address how your assets are managed and distributed. In addition, it also usually includes documents that specify your preferred end-of-life care if you ever become incapacited and the types of medical treatments you approve. Having an estate plan not only ensures that your wishes and goals are respected and executed, but prevents the wrong people from seizing your assets and possessions as well. It also helps to minimize the costs and taxes that your estate owes. 

Is Estate Planning only for the Wealthy? 

Estate planning is not just reserved for wealthy individuals. Anyone with cash, income and assets can benefit from setting up an estate plan. If you have specific wishes for how you want your assets to be managed or passed down to family members after your passing, an estate plan helps enforce your interests and preferences. You can avoid having your assets being controlled in a manner that you do not approve of. If you do not have an estate plan developed, then the government can control your assets according to their discretion. 

What Documents Should be in an Estate Plan?

Though no single estate plan looks the same, there are certain core documents that are beneficial to include. A will, living will, powers of attorney, healthcare directives, and trusts are good foundational documents to incorporate into your plan. You can add additional documents that more specifically address other goals you may have. For assistance creating a comprehensive estate plan, consult with a lawyer so that they can help you if your estate plan is more complex. 

For help with all your estate planning needs, schedule a consultation with an estate lawyer now. 

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