Why Should I Establish an Estate Plan?
Estate planning is the process of using legal means to formally determine and document how your estate will be distributed upon your death. Regardless of how modest or extensive your estate is, you must decide how it will be eventually allocated. When you participate in estate planning, you create legally binding documents with instructions that ensure your wishes are carried out after your death or if you become unable to manage your affairs.
What does an estate plan consist of?
There are various components to an estate plan including Wills & Trusts, Guardianships, and Power of Attorney.
Who Should Establish an Estate Plan?
As there are many facets to an Estate Plan, it’s not a bad idea for anyone to have one. Even if a person doesn’t have any assets, many people will opt to assign a Power of Attorney to a trusted person to assist in making medical decisions in the event of a medical emergency. For those who have assets or children, establishing an estate plan will ensure that your loved ones are cared for, and your assets are distributed how you wanted them to be.
What can happen if I don’t have an estate plan?
An estate plan can help prevent intervention in your affairs and prevent your loved ones from having to open a case in probate court. In most cases, having a comprehensive estate plan can save you and your heirs a good deal of time and money.