When it comes to estate planning, often people are overwhelmed and have misconceptions about the process as well as expense. Planning is important for everyone, regardless of your age or financial situation. Creating a basic plan ensures that not only your needs will be taken care of, but the needs of your loved ones. It's always prudent to work with an estate planning attorney so your wishes are understood and documents reflect those wishes. Each family is unique and and there are other considerations beyond the essentials that an attorney can help with.
Over the next few weeks I'll be sharing a series of informational posts pertaining to each element of an estate plan and why it’s important. I plan to share resources with you and am certainly happy to recommend attorneys as well.
Introducing the Essentials! Let's get started!
Last Will and Testament: This document allows you to specify how you want your assets to be distributed after you die. You can also use a will to name a guardian for any minor children.
Durable Power: This document allows you to specify your wishes for end-of-life medical care. and legal decisions on your behalf if you become incapacitated.
Living Will: This document allows you to specify your wishes for end-of-life medical care.
Trust: A trust is a legal arrangement where a person (the trustee) holds assets on behalf of another person (the beneficiary). There are several types of trusts that can be used for state planning, including revocable living trusts, irrevocable trusts, and charitable trusts.
Estate planning will certainly give you and your family peace of mind. Please feel free to reach out with any questions or if I can further assist you.
Next post in this series: Last Will and Testament
*As always, I'm not an attorney and cannot give legal advice.