Like taxes, death is one of those unfortunate but inevitable things. And while you can’t avoid it, you can make things a little easier on the ones you leave behind with just a little planning.
This is exactly what an estate plan can do.
You probably already know that an estate plan can name the heirs to your estate and outline how you’d like your assets to be distributed. But that’s not where it’s usefulness ends – quite the contrary, it can do much more.
An estate plan can also leave instructions for how you’d like to be treated during your lifetime if you should one day be disabled or incapacitated and are unable to care for yourself. You can choose who will make health care decisions for you and specify how you wish to be cared for and how decisions regarding life support should be handled.
Your estate plan can also take care of your minor children, by designating a guardian to oversee their care and creating a trust to provide for their financial needs.
Another important facet of estate planning is finances. Through your plan you can name an estate executor, power of attorney or trustee to oversee the financial aspects of your estate should you die or become disabled.
In fact, a good estate plan can address all the aspects of your life, including family, pets and even business interests. To be sure that your estate plan truly meets your needs, consult with a qualified estate planning attorney.