Estate planning simply refers to the creation of a will or trust. If you have assets you’ll need an estate plan to provide instructions on how those assets will be distributed. That way, those assets will be transferred to your heirs with ease once you pass away. You should also include provisions in your estate plan, so your family members can access, manage, or control those assets if you become unable to do so.
Must-Haves of Your Estate Plan
Your estate plan should have a will or trust, power of attorney, designated beneficiaries, letter of intent, and healthcare power of attorney. Lastly, you’ll also need to prepare guardian designations in case you have kids. Experienced estate planning lawyers in Lafayette, IN won’t have any problem in helping you prepare these six documents and designations.
Common Misconceptions
Lots of people have misconceptions about estate plans, including:
- They’re only for rich people
- They’re only for people with kids
- I’m too young to need one
Why Do You Need an Estate Plan?
If you have assets you’ll need an estate plan. If your assets are simple a will should be enough. That estate plan is for your loved ones. Imagine how devastated they will be when they lose you. But before they even have time to grieve, they find themselves dealing with your estate. Don’t make things complicated for them. An estate plan makes it easy for your heirs to get whatever you left for them, so they can focus on grieving and saying goodbye. In that sense, the plan is also for you and your peace of mind.
It’s Not Just a Last Will
An estate plan can be a detailed account of how you want your assets to be distributed down to the last penny. It’s a meticulous financial planning tool, one that makes it easy for your loved ones to know, understand and make your wishes happen. Contact Ball Eggleston for more details.
