Regardless of your stage in life, completing some form of estate planning is extremely important. Whether you're just starting out, have children to protect, own a business, are approaching retirement, or wanting to get your affairs in order, creating a personalized plan will make sure that your loved ones know your wishes and have authority to carry out those wishes. Estate planning documents help ease the burden for friends and loved ones in the event of a death or disability.
What exactly is an estate plan? At a minimum, your estate plan is a set of documents that outlines how your assets should be distributed upon your death or incapacity and who is appointed to act for you. Estate planning documents can also identify who will take care of your children and provide management of your assets until your beneficiaries are able to manage those assets for themselves. Finally, estate planning documents outline, how, when and to whom your assets are to be distributed following your death.
Regardless of the size of your estate, a Will and Powers of Attorney are essential documents. Death is inevitable, and it is becoming increasingly common for individuals to become incapacitated in some fashion, making them unable to make sound financial or medical decisions.
A trust can be a helpful tool to administer and distribute assets in a wide variety of circumstances as well. Historically, trusts were viewed as only being necessary for the wealthy, and are commonly misunderstood. Trusts can provide flexibility in administering and distributing assets, or can be used to set aside money for younger beneficiaries, and can be used to plan for a wide variety of other circumstances.
At Lumbertown Law, we know that no two situations are the same, and we have experience with a wide variety of estate planning circumstances. Contact us today to learn how you can get started crafting a personalized estate plan!