Most of use spend our lives working hard to care for our families, which is what an estate plan can help with to ensure surviving loves ones are taken care of after their loved one is gone. This can provide invaluable peace of mind for both the estate planner and their families.
There are several things that an effective estate plan needs, and estate planners should be familiar with what these document types are. Different legal tools are available through the estate planning process that can be tailored to the specific needs of the estate planner to help ensure that their beneficiaries are cared for how they want to them be cared for and that their property and assets are distributed according to their wishes.
Included in an estate plan should be a will, a trust, which includes different trust options for different situations, a power of attorney for financial matters, an advance healthcare directive or healthcare power of attorney and HIPAA authorization.
In addition, the estate planning process can also help address concerns about estate and inheritance taxes, estate tax planning for high net worth estates, the impact on a family business and business succession planning, charitable giving planning and some other concerns the estate planner may have as well. It is important for the will to be validly executed, the trust to be properly set up and that all of the estate planner's documents are in order.
Setting up an estate plan serves the planner, ensuring he or she has prepared in advance for their family and loved ones, which is why particular importance is placed on having a comprehensive estate plan that is based on the estate planner's needs, wishes and circumstances. Ensuring the estate planner's wishes are honored and that their loved ones are looked out for is something estate planning resources can provide, making it worthwhile to have a sound estate plan.