This blog recently discussed how helpful trusts can be as part of an estate plan. There are many helpful components of an effective estate plan that can give estate planners peace of mind which is why they should be familiar with the full range of estate planning tools available to them.
An estate plan can include different documents depending on the goals of the estate planner, the needs of the estate planner and the estate planner's beneficiaries and assets. Estate planning includes drafting and executing a will, as well as trust planning to set up a trust as part of the estate plan. Estate planners should also have the necessary powers of attorney and advanced healthcare directives in the event that they become incapacitated and are unable to direct their financial affairs or medical care.
In addition, it is important for estate planners to take into account Medicare and Medicaid planning, probate considerations and how their trust and overall estate will be administered. In certain circumstances, they should also make sure to consider guardianship and conservatorship concerns for minors and others. An effective estate plan is important because it can help protect assets for future generations and also ensure that future generations are taken care of and provided for according to the wishes of the estate planner.
Estate planning is something everyone should do and can do with a little help and trained guidance. Estate planning does not have to be a process estate planners avoid and is not one that they should avoid because of how valuable it is to plan ahead to help protect family members and ensure the wishes of the estate planner are achieved.