Estate planning is an important step for everyone to take which means any questions estate planners have about the process, they should ensure they have answers to. The estate planning process may seem overwhelming and complex but with trained guidance, it can be less intimidating and provide peace of mind to the estate planner going forward.
It is important to note that an estate plan includes a will but not only a will. A will provides an essential foundation for an estate plan but estate plans include additional protections for children, other family members, assets and if the estate planner becomes incapacitated or cannot direct their own medical care or financial affairs.
When estate planning, estate planners should consider their needs and other estate planning tools available to them including trusts, powers of attorney and advance healthcare directives or a living will. In addition, it is important to ensure that legal requirements related to a will, trust or other estate planning documents are met and that a will is valid and a trust is properly set up.
In addition to providing peace of mind for the estate planner, an estate plan can also save surviving family members stress during an especially difficult time and can help avoid the cost and time associated with the probate process. Estate planning is not a one-size-fits-all process so it is important for estate planners to understand the details of the process and how different estate planning tools can best meet their circumstances and needs.