Key Components of a Good Estate Plan

Just having a will in place doesn't mean your estate planning is complete. There's so much more involved to crafting and legalizing your final wishes than just one document.   

A solid estate plan is designed to save you money on estate taxes, ward off probate, protect your assets if you're placed in a nursing home, and name a trusted individual to honor your wishes if you become disabled. 

According to Elder Law Answers, here are some the components of a solid estate plan:

• Will - This is a legally binding document stating who you'd like to receive your property after your death. You can name a trusted individual as an executor to ensure your wishes are carried out as well. If you're without a will at the time of your death, the state will then divvy up your personal possessions and distribute them within your family. 
• Trust - A legal provision in which a trustee presides over the property in question for a beneficiary. Many people choose a trust to avoid probate as well.
• Power of Attorney - Allows you to appoint an individual to make financial decisions on your behalf if you ever become incapacitated. 

Having these documents drafted and ready to go will save you and your family from a ton of undue stress. As always we recommend speaking with a credible elder law attorney to properly begin your estate planning journey. 

Discover more legal tools helping you to secure your final wishes now by reading the entire Elder Law Answers article here: https://ow.ly/SirD30eet7e 

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