Estate Planning Made Simple!
When it comes to planning for the future, pretty much everyone is starting at ground zero. It’s an complicated undertaking that many people put off until the last second. Even though estate planning is everyone’s responsibility, it’s easy to become overwhelmed. This is our estate planning quick start guide to help familiarize you and your loved ones with the basic elements of a plan, and show you estate planning made simple!
There are some basic estate planning elements everyone should have. Incapacity Planning documents are forms that ensure that your wishes are carried out, even if you cannot speak for yourself. Typically, they are Power of Attorney, Living Will and HIPPA documents, but they can be more complex than that.
When talking about any kind of estate planning, there is one document that everyone knows. The Last Will And Testament is the most famous of the core documents. It is also one of the most deceptive, as its function is deeply misunderstood. While a Will serves as a cornerstone of any good plan, it’s far from the only document most people need. While going with a plan that centers around this can be simple in the moment, it's anything but for our loved ones we leave behind.
Probate avoidance is the next step in estate planning. Probate is the legal path that someone’s possessions typically flow through legacy is divided up after their passing. It is a time consuming and expensive process, even for simple estates. The good news is that, with proper planning, it’s 100% avoidable! Setting up a Trust, then assigning your assets to said Trust, allows your family to completely bypass Probate Court, often saving thousands of dollars and hours and hours of wasted time.
For a lot of people, planning for their legacy also means protecting it. Outside forces, such as creditors and Medicaid are among the biggest late-life drains on a person’s assets. Fortunately, when you plan for the future you can protect them in a number of ways.
Each person will have a different strategy. Sometimes it will involve certain kinds of trusts. Other people will be better served by a special insurance options. Some people will want to look at Care Agreements so they can continue to live at home but protect themselves and their loved ones from claims. Be sure to talk to an estate planning attorney in depth to see what the best path for you will be!
Estate planning is everyone’s responsibility, even if it can be complicated. Regardless, nobody should go it alone. It can be a difficult and time consuming task, but is entirely manageable with help. Estate planning without the proper guidance and assistance can be a massive mistake, resulting in thousands lost and even more complicated probate proceedings. If you, or your loved ones, are in a situation where you are concerned about estate planning, don’t wait! Give us a call today at 419-352-7522 or send an email to firstname.lastname@example.org!