When people hear the term estate planning, the first thing that comes to mind is a will. While many people have taken the time to create a will to pass along property to loved ones, that may not be nearly enough to ensure that their families have the protection and guidance that they will need in the event that they become incapacitated or pass away unexpectedly.
This posting discusses some of the important steps that you should take to ensure that you have an estate plan in place that actually meets your needs. So many people do not realize that estate planning is more than just creating a will, and they leave their families in a terrible position. Learn more about some of the things you need to ensure your estate plan is complete.
Trusts to take care of loved ones with special needs or to pass along property efficiently
If you have a family member with special needs, you will want to be sure that you are leaving behind enough resources to ensure that they are provided for if you pass away. A special needs trust allows you to transfer these resources to your loved one to pay for any expenses connected to their well-being.
Additionally, you may also look at other types of trusts to transfer property to others at the time of your death. This may include some sort of real estate transfer or other important asset, such as an interest in the family business.
Living wills for health care decisions
We do not know what the future holds. Any one of us can suffer an incapacitating injury at any time. If we are unable to express our wishes, we need to be sure that our family has guidance regarding the specific medical care we should receive. If you communicate this information in a living will, your family will not need to guess as to what you would want to happen.
Information on how to access your accounts
We have stored a great deal of information online. Several important items may be stored electronically, and you need to let your family know how to access these accounts. Additionally, you should compile a list of the bills you automatically pay electronically each month. This way, your family can make sure those services are canceled and that they can protect your estate.
Learn more about your options
To ensure that you have a valid estate plan that meets your specific objectives, you should contact an experienced estate planning attorney. Your attorney can clearly evaluate your needs, and discuss all options with you. Together, you will be able to find an arrangement that allows you the peace of mind that comes with knowing you are prepared for whatever might happen.