Key Components of Estate Planning

Wills

A will articulates asset distribution posthumously, detailing beneficiaries, guardians for minors, and charitable donations. Crafting a will minimizes disputes while ensuring wishes are realized.

Trusts

Trusts are versatile tools offering benefits beyond probate avoidance, including minimizing taxes and preserving privacy. Different trusts cater to specific needs, from supporting special needs loved ones to advancing charitable causes.

Power of Attorney

Designating a financial power of attorney ensures your affairs are managed if you’re incapacitated, preventing disruption to financial matters.

Advance Healthcare Directives

Healthcare directives include living wills and medical powers of attorney, allowing you to dictate end-of-life care and appoint advocates for medical choices.

Beneficiary Designations

Beneficiary designations on accounts like insurance policies and retirement plans streamline asset transfer and need periodic review to remain aligned with intentions.

Next: Estate Planning as an Asset Preservation Tool