A comprehensive estate plan can help estate planners effectively plan for what is ahead and provide both them, and their loved ones, with valuable peace of mind. Estate planning legal resources provide important tools for estate planners to develop an estate plan that works for their situation and provides for their loved ones after they are gone.
Estate planning tools include important documents that should be included in a complete estate plan. Estate planning is not a one-size-fits-all process but there are generally several different types of legal documents the estate planner should consider when planning their estate plan. The first, and most basic, estate planning document is a will.
A will provides for the disposition of property and the care of loved ones, or beneficiaries, and serves as the foundation for an estate plan. The rules for a will to be valid can vary by state so estate planners should be familiar with the rules in their state.
In addition to a will, a power of attorney is an important document to include in an estate plan because it will designate a trusted individual to handle the estate planner’s financial affairs should they become incapacitated and unable to do so.
Likewise, a healthcare power of attorney, or living will, serves the same purpose but applies to the estate planner’s medical care and treatment if they are unable to direct it for themselves. In addition, there are other documents and legal tools, such as a trust, to be familiar with and consider including as part of an overall estate plan.
Estate planning is important to take care of sooner rather than later and can allow the estate planner to rest easy that their affairs are in order and their loved ones protected. As a result, estate planners should be familiar with how estate planning legal resources can help them do that.