Many people often postpone or overlook their estate plans. However, these tools are a great way to secure the future for your loved ones. With National Estate Planning Week around the corner, it is time to learn more about the importance of estate planning for you and your family.
What You Need for Your Estate Plan
Unfortunately, many people believe these plans are exclusive to the wealthy. But that is not the case. No matter the size of your estate, you will want to have a plan to protect your finances.
There are several components of these plans. You will want to have:
A Will and Trust
A will outline how all assets are distributed after your death. You might also want to look into creating a trust. These tools can help manage assets while you are alive. Once you pass away, a trust and will are used to transfer your assets to beneficiaries.
Power of Attorney
A Power of Attorney document appoints someone to make financial decisions on your behalf if you are unable to do so yourself. There are various types of powers of attorney, including durable and limited. They all serve different purposes.
Healthcare Documents
Healthcare directives can include living wills and medical powers of attorney. With a living will, it specifies your wishes regarding life-sustaining medical treatments. On the other hand, a medical power of attorney assigns someone to make healthcare decisions for you if you cannot.
Common Estate Planning Mistakes
While estate planning is important, you will want to avoid common mistakes that could undermine your efforts. First, many people put off estate planning, assuming they have plenty of time. However, life is unpredictable. For that reason, it is never too early to start planning.
You should never attempt DIY estate planning. Creating your estate plan without professional guidance can lead to costly errors and legal complications.
Don’t forget to update your documents and plans. Life events like marriage, divorce, or births can change your priorities. Failing to update your estate plan can lead to unintended consequences.
In today’s digital age, you will want to consider digital assets like social media accounts, cryptocurrencies, and online banking in your estate plan.
National Estate Planning Week (Oct. 16-22, 2023)
National Estate Planning Week is an annual event designed to raise awareness about the importance of estate planning and provide educational resources to individuals and families. During this week, various activities and events are organized across the country to promote the benefits of estate planning.
You can participate in National Estate Planning Week by attending workshops, webinars, or seminars hosted by estate planning professionals. These events offer insights into estate planning and can help you start your own plan.
Now is the best time to schedule an estate planning consultation with the attorneys at Collins Law Firm.
Get Started on Your Estate Planning
As National Estate Planning Week approaches, take the opportunity to reflect on the importance of estate planning and consider the benefits it can provide for you and your family.
If you’re starting or needing to update your plan, reach out to Collins Law Firm. With our assistance, you can create an estate plan that provides peace of mind for years to come. Contact us to book your free consultation by calling (414)-207-6292.