There are many different aspects to any estate plan, and at the same time, every estate plan is going to be different. A common misconception about estate plans is that there is a “one size fits all” mentality where any individual can just use a sort of estate plan “template” to plan for their future and how to disperse their wealth and assets upon death.
Passing on that nest egg to your family and loved ones is vital, and you want it to be done effectively and in your best interests. That’s why a customized estate plan that fits your needs and desires is imperative, and in order to achieve that, you will need to consider three critical parts to estate plans:
- Wills and trusts. These two parts of estate plans can work hand in hand, and they allow you to clearly state and explain your last wishes, and also protect your assets from the probate process (respectively).
- Powers of attorney, conservatorships and other directives. These allow you to name a trusted individual to deal with critical tasks and duties should you become incapacitated. A conservatorship places you under the care of a conservator who can look out for you if the circumstances call for it.
- Retirement planning and elder law. You can structure your assets in a way that benefits you when you retire, while also protecting those assets from illegal and predatory schemes.
To ensure that you estate plan is complete and proper with all of the custom provisions and language that you need, consult with the experienced attorneys at The Flanigan Law Group.