An effective estate plan is a good thing to have for a number of reasons not the least of which is that is will provide peace of mind for the estate planner and help avoid potential confusion or conflict for family members and loved ones during a difficult period of time. An effective estate plan will ensure the estate planner’s assets are distributed according to their wishes.
Having a comprehensive estate plan is important for everyone, though it can sometimes be challenging to address. Estate planning can prevent confusion and conflict related to the distribution of assets and property; allow surviving family members to execute the estate planner’s wishes; provide for the management of the estate planner’s medical care and finances if they are incapacitated; designate a guardian to care for minor children; and serve other purposes as well.
A comprehensive estate plan includes an advanced healthcare directive and power of attorney to account for the estate planner’s medical and financial needs if they are incapacitated. In addition, a will is an essential part of any estate plan which will document how the estate planner wants their assets to be distributed. The estate planner should take care to ensure their will is properly executed. Another useful estate planning tool is a trust. There are also important requirements related to the formation of a trust that the estate planner should be familiar with.
Estate planning is an important part of life and the more estate planners understand about how to develop an effective estate plan, including drafting a will and a trust document, the better position they are in to ensure their estate is distributed according to their wishes. It is worth it to understand estate planning documents and options to provide peace of mind for the estate planner and their family.