Why Do You Need An Estate Plan?
It is never easy to plan for the end of one’s life. However, estate planning is essential for all adults, regardless of age, wealth, or health. An estate plan can eliminate or reduce some of the uncertainties that you and your loved ones may be experiencing.
Here are some reasons why you should have an estate plan:
- An estate plan allows you to make your wishes known to your loved ones and ensure your assets are distributed as you wish.
- It avoids the costly and lengthy probate process for your heirs.
- It significantly reduces your estate taxes.
- It protects you in the case of incapacity.
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Estate Planning Documents:
A will, also known as a last will and testament, expresses a person’s wishes for the distribution of assets. The document can also be used to name a guardian for minor children and the person who will manage the testator’s estate after his or her death.
A revocable living trust takes ownership of your property while allowing you to manage it during your lifetime. While many people use trusts to avoid probate and reduce estate taxes, a revocable living trust can also be used for incapacity planning.
Powers of Attorney
Powers of Attorney is used to appoint someone to act on your behalf and make decisions on your behalf in the event of your incapacity.
An Advanced Directive is another type of legal document that expresses your preferences for how you would like to be cared for in the event of incapacity. If you become incapacitated, the document specifies the type of life-sustaining measures you want to receive or have withheld.