Your estate plan is the key to making sure that your loved ones know what to do with your belongings when you pass away. There are many facets to these plans that you have to think about when you are creating the plan for the first time. We know this might seem like a huge undertaking, but we are here to help you along the way.
The cornerstone of the estate plan is the will. This document distributes your assets that aren’t covered under other provisions. This means that if you set up trusts, the assets held in those won’t be included in the will. Trusts are useful because they can help you address specific situations, such as providing support to someone who has special needs and receives needs-based assistance.
You also don’t need to include anything that has a payable on death designation. Bank accounts, investment accounts and life insurance policies all have these designations, which enable the transfer of the asset to the named individual when you pass away.
Your estate plan also gives instructions about what you want to happen if you are incapacitated. Your living will and powers of attorney designations enable you to state what type of medical care you want to have or to decline, as well as naming a person who can make medical or financial decisions for you.
We know that you probably have a good idea about what you want to happen. We can work with you to ensure that your wishes are conveyed in the appropriate manner. This can give you peace of mind since you will know that you have everything laid out for your loved ones.