Many people put off starting their estate plans because they believe that it will take too long or be too complicated. The truth is that it can be easy to put together an estate plan. There is a simple, straightforward method for handling estates of all sizes, and your attorney can guide you through the process of creating your estate plan in a way that will protect you and the people you care about.
Estate planning starts with some core elements. Once you have those in place, you’ll have the basic protections that you want. Then, you can talk about further needs and start building a unique estate plan that grows and changes with you over time.
What are the basic elements you’ll want in your estate plan?
To get started, some of the basic parts of an estate plan that your attorney will help you set up include:
- A will, which goes over how you want to distribute your property and several of your other wishes.
- Trusts and how to protect your property with revocable or irrevocable trusts.
- Guardianships for your children, if you have minor children or adult dependents.
- Your power of attorney options, including a durable power of attorney, health care power of attorney and financial power of attorney.
- Long-term care planning issues.
- Medicaid planning.
These and other basics are a necessary part of most estate plans. When you speak with your attorney, they will go over the common items included in estate plans and what you may want to add to yours. Everyone has a unique plan, because everyone lives a different life.
With your attorney’s help, you can avoid estate planning errors
Estate planning can be overwhelming if you try to do it yourself, which is why it’s a good idea to talk to your attorney about your goals and to start working together at a younger age to begin building a protective estate plan. By working with someone who understands the law, you’ll be able to avoid common errors and be sure your estate plan is as solid as you want it to be.
