Estate planning can be tricky, but we believe that with the guidance of an experienced estate planning lawyer it can be simplified. We provide free consultations, and we can help you in planning your estate. Planning your estate and doing planning sooner then later is import. Life does not come with crystal ball predicting what tomorrow brings. Being prepared and papered up for tomorrow has its benefits.
Now, as you might already know that estate planning is all about securing your assets for the future of your kids and the family. You have worked long and hard and now amassed some possessions but what if you die? One of life’s few guarantees is that one day we will die and there is no running away from it. Who will inherit our belongings? Will it be your spouse, children, family member, close friend or will you leave everything to a charity? The choice is your but only through proper estate planning.
What does an Estate Plan Include?
An estate plan can include a lot of elements and you must know learn more about them. It is really very important to be educated on the subject before stepping moving forward with creating your estate plan. So, here in this blog, we are going to talk about the things which an estate plan may include.
Estate planning Components
Will/Trust
A lot of us imagine a Will/Trust to be related to a person who is dying. Some also believe that a Will/Trust is only for the wealthy or those with lots of real estate. However, having a Will/Trust just means that you wish to protect your belongings and safeguard them for the person or organization of your choosing to inherit them when you are no longer around.
Power of Attorney
Let’s say you are running a small or even big company and something happens to you in which you aren’t able to run a business then what’s next? Who is going to handle your business? Well, in that case, you will need to have someone with “Power of Attorney”. You can pick that person whom you will empower to handle your finances in such an event.
Beneficiary
If you wish to have a say in who stands to inherit your belongings you must appoint a beneficiary during your estate planning. Each state has their own set of laws if you don’t appoint a beneficiary the courts will appoint them based on state law.
Letter of Intent
It is very important to have the letter of intent because that can contain your wishes which you want to tell your beneficiary. You must know that the purpose of this letter is to tell your beneficiary about your plans regarding your asset or any other instructions such as where you are to be buried.
Healthcare Proxy
It is simply like the power of attorney but with only limited power. You can see that the “Health” word is attached to it which means that the person who will be your Healthcare proxy is going to decide your health-related decisions when you aren’t able to take that kind of decision by yourself.
Guardianship
You must know that guardianship is a very important element of estate planning. It comes in handy when you want to pick someone to be your kids’ guardian after your death. Now, if you won’t pick any then the court will pick for you and that person could be anyone from your family even potentially a family member whom you don’t even trust.
A living Will
It is one of the most important components of estate planning. You must know that “A Living Will” comes in handy if you want to take care of yourself even when you aren’t able to do it. It does help in many scenarios and one of them is like falling in a coma when you aren’t able to make your decision then “A Living Will” dictates your wishes of how you wish to be cared for.
In the end, planning allows you to make decisions about your future and at times that of your loved ones. Having a plan is important. When you are ready our firm offers free consultations, come in and learn more of how you and your family can benefit from a good estate plan. Call us today to schedule your free consultation with one of our experienced attorney’s.
