Estate planning can be tricky, but we believe that it can be simplified with the guidance of an experienced estate planning lawyer. We provide free consultations, and we can help you plan your estate. Planning your estate and planning sooner than later is essential. Unfortunately, life does not come with a crystal ball predicting what tomorrow brings. However, being prepared and papered up for tomorrow has its benefits.
As you might already know, 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. So who will inherit our belongings? Will it be your spouse, children, family member, or close friend, or will you leave everything to a charity? The choice is yours but only through proper estate planning.
What does an Estate Plan Include?
An estate plan can include many elements, and you must know to learn more about them. It is essential to be educated on the subject before stepping moving forward with creating your estate plan. So, here in this blog, we will talk about the things which an estate plan may include.
Estate planning Components
Many of us imagine a Will/trust related to a person who is dying. Some also believe that a Will/Trust is only for the wealthy or those with much real estate. However, having a Will/trust 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 cannot run a business; then what’s next? Who is going to handle your business? In that case, you will need to have someone with a “Power of Attorney.” You can pick that person you will empower to handle your finances in such an event.
If you wish to decide who stands to inherit your belongings, you must appoint a beneficiary during your estate planning. Each state has its own set of laws. If you don’t nominate a beneficiary, the courts will appoint them based on state law.
Letter of Intent
It is essential to have a letter of intent because it can contain the wishes that 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.
It is simply like a power of attorney but with only limited control. You can see that the “Health” word is attached to it, which means that the person who will be your Healthcare proxy will decide your health-related decisions when you cannot make that kind of decision by yourself.
You must know that guardianship is an essential element of estate planning. It comes in handy when you want to pick someone to be your kids’ guardian after your death. If you don’t like any, then the court will choose for you, and that person could be anyone from your family, even potentially a family member you don’t even trust.
A living Will
It is one of the essential components of estate planning. But, first, you must know that “A Living Will” comes in handy if you want to take care of yourself even when you cannot do it. It does help in many scenarios, and one of them is like falling into a coma when you aren’t able to make your decision then “A Living Will” dictates your wishes of how you wish to have cared.
In the end, planning allows you to make decisions about your future and, at times, that of your loved ones. Therefore, having a plan is essential. When you are ready, our firm offers free consultations; come in and learn more about 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 attorneys.