There are several important components of an estate plan that are essential for people in the Quad Cities to be familiar with. A thorough estate plan can help provide peace of mind to people and their families during a difficult time.
There are several documents that should be included as an effective estate plan. A validly executed will is the foundation of an estate plan. Because there are rules associated with a will being valid, which vary by state, estate planners will want to know the rules where they live. A will sets forth how property should be distributed. A living trust is also an important component of an estate plan as it can allow a person’s estate to avoid the probate process and save time and expense.
Addition, when estate planning it is important that the estate plan includes a durable power of attorney and an advance health care directive, which is sometimes referred to as a living will. A durable power of attorney provides direction for a person’s financial affairs if they lack the capacity to conduct them. An advance health care directive directs a person’s medical care and treatment if they are incapacitated and unable to direct their care and treatment for themselves. Both documents can designate the party to conduct one’s affairs.
Personal planning services are an important area of the law that allows the person creating an estate plan to provide direction for the distribution of their property, as well as their medical treatment and care and other financial considerations. Estate planning provides different options to address different situations, which is why it is important understand the process and its components.