Estate planning is very beneficial because it allows you to plan for multiple needs. It’s important to think about your own personal needs as well as the needs of your loved ones. If you’re just getting started with your planning, take a look at the following information. If you have any questions about how certain estate planning tools work, meet with an estate planning attorney.
Do you have a family to protect?
Consider the future of your entire family. Make sure that you’re able to protect your children so a responsible adult, of your choosing, is always caring for them. In addition, consider your family’s future needs and expenses. If you’re unable to provide income, you need savings, disability insurance, and life insurance in place, as applicable.
Are you looking to protect your own future?
You need to prepare for your own future with an estate plan. Consider protecting yourself during possible illness and disability with powers of attorney, a revocable living trust, and insurances. Be sure to research insurance options, such as disability insurance, life insurance, and long term care insurance. Prepare for future retirement costs.
Do you want to make a difference in the lives of others?
You may have other planning goals that don’t relate to you or your family. Consider giving back to your school or a favorite charity. You may also consider gifting to others who have made a difference in your life. There are many ways in which you make a difference in the lives of others. Financial gifts, letters of appreciation, gifts of experience, and sentimental gifts are all appropriate for loved ones and good friends and neighbors.
Take the time to think about all of your estate planning needs and goals. If you’re ready to commit to comprehensive estate planning, consult with a qualified estate planning attorney.
- How Often Should I Meet with an Estate Planning Attorney? - January 18, 2018
- Tax Law Changes for 2018 - December 29, 2017
- Dedicated Gardeners & Creative Spaces in Annapolis, MD - May 30, 2017
