Estate planning is sometimes something that people shy away from but they should not. Having an effective estate plan in place can provide peace of mind for the estate planner and their family that they have everything taken care of to ensure assets are distributed according to their wishes and other important considerations have been addressed.
There are several different components of an estate plan that estate planners should be familiar with. Estate planning may seem overwhelming or complex but it can be fairly straightforward and involves several important documents that are included in an overall and complete estate plan. Each estate is different so each estate planner should be familiar with estate planning tools that can help and trained guidance can also be beneficial to determine which estate planning tools are best for the estate planner’s situation and circumstances.
Important estate planning documents include a validly-executed will that reflects the wishes of the estate planner; a trust, including a living trust, that addresses the specific needs and goals of the estate planner and their beneficiaries; a living will or health care directive which guides the estate planner’s medical care and treatment if they are incapacitated; a power of attorney which guides the estate planner’s financial affairs if they are incapacitated; and several other considerations as well.
Having an effective estate plan can help ensure family members do not have to deal with those concerns during a difficult time. Knowing what to include in an effective estate plan is valuable information for estate planners to consider and be familiar with.