People often put off estate planning; while this may not be intentional, everyday life can sometimes get in the way. Estate planning can offer many benefits as they allow people to allocate their wishes, both when they live and after they pass away. Many do not realize that there are many components to estate planning that people can benefit from. An estate planning lawyer, has seen the impact that not having an estate plan can have on the person and their families. While it’s not uncommon for people to put off developing an estate plan, it’s not recommended. Having an estate plan in place can ensure that a person can carry out their wishes and protect their legacy.
Timing for Estate Planning
It’s not uncommon to believe that there is no need for an estate plan. However, it’s essential to be aware that estate planning is necessary for many; it’s a common misconception that this critical process is only beneficial for the wealthy. Many people put off estate planning for another day; while some may not believe they need an estate plan, others may not fully understand the benefits that an estate plan can offer. Estate planning should be a consideration for anyone with assets that need to be transferred to a beneficiary after their passing. Additionally, an estate planning lawyer shares that estate planning has many other benefits for incapacitation should a person be unable to make decisions on their own while they are still living. The ultimate thought surrounding estate planning is that it can be a viable option for nearly anyone, making it imperative not to hesitate when considering engaging in the process.
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Elements of Estate Planning
An estate plan is made up of several documents that outline a person’s interests should they become incapacitated or pass away. Estate plans are essential as they protect a person’s legacy by ensuring that beneficiaries can access the testator’s assets while minimizing the red tape. Many fail to consider the fact that an estate plan can share with loved ones their wishes when they are no longer able to make decisions on their own. Key elements that an estate plan is made up of include:
- Letter of Intent
- The Last Will & Testament
- Trusts
- Beneficiary Designations
- Power of Attorney
- Healthcare Directives
- Guardianship Designations
After a person has worked so hard to accumulate assets and build a family, chances are they would like to have a voice for decisions made over their affairs after they pass. By using estate planning, it’s possible to protect assets, mitigate familial conflict, and ensure legacies are carried on.
Choosing an Estate Administrator
One critical decision that testators must make during the estate planning process is identifying an estate administrator. The estate administrator is responsible for managing the probate process, carrying out the testators’ wishes, and resolving the estate plan. This is a heavy load for a person to carry, and it’s essential to choose someone responsible, level-headed, and willing to take on this responsibility. When selecting an estate administrator, it’s necessary to choose carefully. Once the appropriate person is chosen, they must be identified in the estate plan, and it should also be confirmed that they are up for this great responsibility. In addition, it’s important to also communicate wishes with loved ones to mitigate the risk that they will dispute the estate administrator who has been chosen.
The process of a person passing away without an estate plan can add further challenges to an already devastating situation, which is why estate planning is a crucial tool that should be accessed by many.
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