There is a surprisingly large number of people who believe that estate planning begins and ends with the creation of a will. While this is a step in the right direction, don’t stop here. There are plenty of other things to include in your estate plan, all of which will give you the peace of mind you deserve.
Consider the following additions:
- Revocable living trust: This is one of the best ways to designate who receives your assets upon your passing. Furthermore, assets held in a trust are not subject to probate. Add in the fact that a trust is not a public record (a will is) and you have every reason to strongly consider it.
- Living will: With this, you can make specific decisions about your own health care treatment ahead of time. For example, you have the power to determine if you want to be kept alive by life-sustaining treatment. By making these difficult decisions in advance, you don’t have to worry about what would happen if you’re incapacitated and unable to communicate your wishes.
- Financial power of attorney: If you’re incapacitated, you won’t be able to manage your finances. And with that, the court will have to step in and assign someone to do so on your behalf. There’s no way of knowing if this person is your first choice which puts your finances at risk. A financial power of attorney allows you to name an agent who can pay your bill, collect income on your behalf, invest your money, maintain insurance policies, and more.
You don’t want to create just any estate plan. You want to create a comprehensive estate plan that covers all the bases. If you have questions about creating a more thorough estate plan, contact our law firm online or via phone at (410) 573-4818.
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