Today I’m going to cover everything you need to know about estate plans. An estate plan is a comprehensive plan that covers many different contingencies, including who gets what when someone passes away. Although that’s an important question, it’s only one piece of the puzzle. Estate planning also covers incapacity and disability in addition to who gets what.
Who is making sure your bills are paid and assets are managed properly? Who is making medical decisions for you? Who is checking in to see how you’re doing? Estate planning covers all of those questions.
Estate plans protect you legally and protect your legacy.
An estate plan also covers guardianship. If you have a child who is a minor, you want to ensure that your short-term and long-term emergency plans are covered. For example, who would take care of your child or raise them if you couldn't?
You can use a will to cover who gets what, or even a trust, if you’d like. If you want to learn more about a will, click HERE.
The most important thing to remember is that an estate plan covers a lot of different situations from incapacity to death and more. If you have children who will be left behind that you’d like to transfer your assets to, you can have somebody take charge of those assets for them.
There’s also a legacy component to estate planning that cannot be underestimated. We do need legal documents to be excellently drafted, but that’s not the only thing. What your family will remember more is the photos, videos, and autographs that you leave for them. A comprehensive estate plan covers the legacy component and the legal component.
If you have a question for me in the meantime about your personal situation, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
Also, keep in mind that a will has to go through probate court and be reviewed before your designated personal representative can act on your behalf. A lot of people assume that a will covers every possible estate-planning scenario, but it doesn’t, so don’t fall for the same misconception.
If you have any questions about what a will is, how it works, or if there’s anything else I can help you with, don’t hesitate to reach out to me. I’d be happy to help you.