Estate planning is the process of developing a comprehensive plan and the appropriate documents to direct what happens to you and your assets as you age. From protecting your financial goals to providing for your family, clearly defining all the details in advance provides excellent peace of mind—and doesn’t leave anything to chance according to what the probate courts decide. Partnering with an experienced estate planning lawyer is the perfect first step to understanding what will work best for your needs now and in the years to come.
5 Basics of Estate Planning
Here are some of the documents your estate planning attorney may recommend.
A will
However, if there’s not a valid will and other declarative documents, probate proceedings become more difficult—and the courts decide what happens with your assets. This is an incredibly complex, lengthy, and costly process for your loved ones to endure in addition to their grief.
The good news is a well-constructed estate plan may help your heirs avoid the probate process altogether.
A living will
Also known as a medical care directive, a living will clarifies what medical procedures should or shouldn’t be performed if you’re near the end of life. This is often combined with a healthcare power of attorney in what’s referred to as an advanced healthcare directive.
Guardianship for dependents
Various types of trusts
Durable power of attorney
At different stages in your life, you and your estate planning lawyer might also need to consider additional options for your strategy, such as paying for long-term care, how to give financial gifts to family members, and more.
