If Quad Cities residents get overwhelmed at the thought of estate planning, that is completely understandable. After all, there is a wide range of potential options when it comes to estate planning — no two plans are the same. However, there are some common estate planning instruments to consider, and our readers would benefit if they at least understand some of their potential estate planning options.
For starters, many estate plans have a will as the bedrock part of the plan. A will can dictate how a person’s assets will be distributed among family members, or friends and charities, if that is how the person sets up the plan. A will is simply a step-by-step plan for family members and probate courts to follow.
But, some people go into the estate planning process with the goal of avoiding probate, if at all possible. That is where trusts can come into play. Trusts, and the assets in a trust, can avoid the probate process, for the most part. Though, there are many different types of trusts to consider, as well as determining who will be the trustee.
Lastly, any comprehensive estate plan will also likely include power of attorney documents. These documents can appoint a certain individual to make crucial medical or financial decisions in the event that the planner is incapacitated and unable to communicate those decisions.
At our law firm, we work with Iowa residents to help them attempt to find the estate planning options that are right for their finances and family situations. To learn more, please visit the estate planning overview section of our law firm’s website.