If you have yet to set up to a meeting with an estate planning lawyer, an estate plan might just be a buzzword on your to-do list. But what does it actually mean? How can it work with your elder plan to ensure you’re protected when you’re older? Read on to learn more.
An estate plan simply refers to the transfer of your wealth after your death as well as the conservation of that wealth while you’re still alive. An estate plan is a comprehensive approach towards keeping as much money and property for your heirs as possible, at the least cost to you as an individual over the course of your life as well as the least cost for your beneficiaries when they inherit. The minimum that any estate plan should always incorporate is a will.
A good estate plan may also incorporate a trust, if this is an additional or a better choice for you. A trust is an official written agreement that allows you to hold property as well as manage it for beneficiaries in accordance with whatever instructions you have outlined within that document. It is somewhat like a will, but there are key differences. There are other documents you may wish to incorporate in your estate planning such as a durable power of attorney or a healthcare power of attorney, which gives another individual the opportunity to make decisions about your healthcare if you are unable to make them yourselves. Your estate plan should also work in conjunction with your elder care plan, such as how you’ll pay for long-term care if you need it.
It is a good idea to always work directly with an experienced estate planning attorney if you find yourself in need of an estate planning assistance. Making documents on your own could come at a great cost in the form of many mistakes and confusion for your heirs and loved ones when you pass away. Do not hesitate to get the help you need from an experienced attorney today.