When creating your estate plan, you will need to consider your needs and goals. There are many aspects of planning that people choose to include in their individual plan. If youre just beginning your planning, and need ideas of what to include, take a look at the information below. If you have any additional questions, or if youd like discuss your individual estate plan needs, consult with a qualified estate planning attorney.
When creating your estate plan, consider the following:
- Asset protection. Do you have certain assets that you want to protect as they pass to your loved ones? You can make sure that your loved ones are able to receive and keep their inheritances, regardless of bankruptcy, divorce, business failure, or lawsuits. Because you never know when the in-law will become the out-law, it is wise to give assets in trust.
- Incapacity planning. You never know when an unexpected event may occur. If you ever find yourself incapacitated and unable to make your own decisions, it is important to have a plan in place. This can allow you to have the support that you need to make decisions and get the right level of care. Incapacity planning ensures that the court wont interfere with your family, your money, or your health.
- Protecting your family. With an estate plan, you can protect your loved ones in a number of ways. This may include purchasing life insurance so that your family always has necessary income. You may also use a will to appoint a guardian for the care of your minor children.
The above needs are just some things that you may want to consider implementing in your estate plan. If you have any questions, or if youd like to begin developing your estate plan, consult with a qualified estate planning attorney.