Planning for the future is an important step for everyone, regardless of income level or wealth. An estate plan can save your family from unnecessary pain and stress in the future, and it is wise to have solid, well-drafted plans in place to ensure that the distribution of your estate goes according to your wishes after your passing.
When drafted appropriately, your estate plan will provide you the peace of mind that comes from knowing you have protected your loved ones and your hard-earned money and assets. Failure to have an updated estate plan could lead to legal complications for your heirs and beneficiaries.
What do you need to protect your family and your interests?
There is no one-size-fits-all solution for your estate planning concerns. Every plan is different and uniquely drafted according to your individual needs and objectives. In order to fully protect yourself and your loved ones, you may benefit from any of the following components of a strong estate plan:
- Last will and testament: This enables you to dictate the distribution of your wealth and assets to designated beneficiaries.
- Health care power of attorney: This enables you to name a person to make medical decisions on your behalf in case you are incapacitated.
- Living will: A living will outlines your wishes regarding medical care and life-saving decisions if you are mentally or physically incapacitated.
- Durable power of attorney: With this, you can name one person to make financial decisions on your behalf if you are ever unable to do so.
- Trusts: If a trust is right for you, it will hold your assets for certain beneficiaries, while avoiding probate and certain taxes.
A complete case evaluation by a qualified attorney with extensive experience in estate planning will identify the most appropriate choices for your estate plan.
Take the appropriate steps for peace of mind and security
There are no guarantees in life, and you will never have fair warning when emergencies or unexpected circumstances arise. Not only will your estate plan provide guidance for your loved ones in a complex situation, it will provide peace of mind during a difficult time. You have the power to spare your loved ones and heirs unnecessary hardships and provide yourself with assurance regarding your future wishes.