For many people, estate planning is all about one thing: deciding what will happen to their assets—such as bank accounts and real estate—upon their passing.
However, there’s more to estate planning than what you see on the surface. And if you neglect to dig deeper, you could make errors that cost you and/or your family in the future.
Here are some of the many things you should think about:
- Creating a trust: There’s nothing wrong with considering the creation of a will, but a trust offers many other benefits. This is another way to ensure that your assets end up in the right hands. Also, assets housed in a trust are not subject to probate upon your death, which saves your beneficiary time and money.
- Long-term care planning: What will happen if you’re unable to care for yourself in the future? How will you pay for long-term care? Where do you want to receive treatment? When you focus on long-term care planning today, you’ll have less concerns should you need this in the future.
- Incapacity planning: Even if you’re young and healthy, you could find yourself incapacitated at some point in your life. The right plan will ensure that you receive the right care during this difficult time. Furthermore, it allows you to make key decisions regarding your medical care and finances. For instance, you can create a financial power of attorney to ensure that the right person manages your finances if you’re unable to do so.
If you have concerns about your estate plan, review it closely and then decide if now’s the time to dig deeper.
Should you require any assistance, contact our law firm to discuss your situation and goals. We’re more than happy to answer your questions and help you adjust your estate plan to better suit your needs.