The start of the new year can come with many resolutions and changes that stem from hope for improving the future. One thing that you may not think much about when you’re making these plans is estate planning.
Having an estate plan in place is the only way that you can ensure your loved ones know your wishes for your assets. Your estate plan should also include information about your wishes if you become incapacitated.
What estate planning components should you consider?
There are several estate planning components that you must consider. Most people will need to have a will and powers of attorney. Others may need to have trusts set up.
A will is the basis of the estate plan. It’s a place where you can outline who will receive what assets when you pass away. If you have considerable assets, you should consider handing assets down through trusts instead of a will.
When you opt to use trusts instead of a will, you and your beneficiaries receive benefits. For example, trusts can bypass the probate process, so they’ll typically be able to receive their inheritance more efficiently.
Another component to consider is the powers of attorney, which allow the person of your choice to make decisions if you become incapacitated. A medical power of attorney gives someone the legal ability to make decisions about your health care. There’s also a financial power of attorney, which lets someone make any decision related to money, assets and investments on your behalf.
How can an estate planning attorney help?
An estate planning attorney can help to ensure your wishes are relayed in an effective manner that’s legally enforceable. This may reduce the stress and effort that your loved ones have to deal with as they work to ensure things are handled according to your plan.
Contact our firm for assistance developing a comprehensive estate plan or updating a current one so that it’s tailored for your circumstances. You’ll enjoy the peace of mind that comes with having this set.