Though people may be reluctant to address estate planning needs, it is an important consideration that should not be overlooked. Effective estate planning can help down the road and save family members challenges during a time period that is already filled with understandable anguish and emotions.
Estate planning is important for everyone and for any size or type of estate. Regardless of the size, estate planning can help ensure the state planner’s wishes are fulfilled and that family members do not have to sort everything out for themselves which can sometimes lead to conflicts and disputes during a difficult time. In addition to a will and trust documents, which help dispose of property and assets, additional estate planning documents are also helpful for any type of estate planner to have.
A living will or healthcare directive states how the estate planner wants to be cared for and what medical care and treatment they wish to receive if they are unable to make those decisions for themselves. Similarly, a power of attorney can designate a party to handle the state planner’s financial affairs if they become unable to do so for themselves. An effective estate plan should be individually tailored to the estate planner and their estate.
Estate planning is an important step to take care of loved ones and provide peace of mind for both the estate planner and their loved ones. Having trained guidance through the estate planning process can be helpful because estate planning can be complex and getting it right for the situation, circumstances and needs of the estate planner is essential.