It is important for estate planners to have general sense of what should be included in their estate plan. Estate planning can seem complex but if estate planners have a general understanding of the estate planning tools available to them, they will discover the benefits of estate planning and to not put it off.
Estate planning includes a variety of tools and documents that estate planners should be familiar with. Most estate planners are familiar with wills which are a valuable estate planning tool but not the only tool to consider. Another possible estate planning tool to consider is a trust. A trust has many valuable uses to be aware of and both a validly-executed will and a trust can transfer assets according to the estate planner's wishes.
A comprehensive estate plan will not only address the transfer of assets but will also ensure other concerns are taken care of as well. A living will is an important part of an estate plan to include because it can address the medical care and treatment the estate planner wishes to receive if they become incapacitated. Additionally, a power of attorney can help direct the estate planner's financial affairs if they are unable to attend to them because of incapacity.
Having all the pieces in place to ensure assets are distributed according to the estate planner's wishes, and that their medical and financial concerns are accounted for, can provide much-needed peace of mind for estate planners and their families. Because of how important having a thorough estate plan is, estate planners should ensure they understand the components of an effective estate plan.