Creating an estate plan is much different than creating a will. An estate plan is a set of instructions for the entrusted surviving persons that indicates how said persons should manage and distribute your remaining assets, handle medical decisions, and care for your family in the event of your passing. Creating an estate plan is a great way to prevent arguments or confusion among surviving family members.
To create a personalized estate plan, you must have the following:
- A Will: If you have children, a will is used to name their new legal guardian. It is also used to appoint a representative to make executive decisions on who is to receive your remaining property. This only happens in the absence of a trust. A will should be in writing and signed and dated by you. Two witnesses should be present in addition to the beneficiaries. Most attorneys secure the will within their own offices, however if you wish to keep the will in your possession, it should be kept in a safety box.
- A Trust: While alive, you may handle your trust however you please. You may alter the terms or add and withdraw property as you wish. Upon death, the trust distributes assets to the specified beneficiaries.
- Power of Attorney: This gives a designated person the ability to handle financial and health care decisions if you are not able to do so.
In already having your desired wishes laid out in the event of your death, you allow your family to have a grieving process without worrying about finances and logistics. They have full confidence that every decision made was what you, the deceased, truly wanted. It is essential that the will or estate plan be reviewed by an attorney every few years. For more information on estate planning and wills,
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The attorneys at the
Law Offices of Louis D. Stober Jr. are highly qualified in estate planning and work to help families get through difficult times as stress-free as possible.
Contact us for help with an estate plan or to learn more about your
estate options.
