It is a big step to start thinking about the future when you are at the beginning of the estate planning process. Many people put this process off for much longer than they intend to. But, once you get around to it, you’ll likely appreciate the peace of mind that comes with having a comprehensive estate plan in place.
So, where do you start? Well, most estate plans have some common features, even though the exact details of any given estate plan will be different from all others. For example, in many cases the bedrock of an estate plan is a will. This document can be fairly straightforward, providing details of how you would like your estate to be distributed, who will get what, in what percentages, specific bequests and even naming a guardian for any minor children. A will can include many different details.
Power of attorney documents are also typically included in most estate plans. These documents allow the planner to appoint someone else to make financial or healthcare decisions on the planner’s behalf, if the planner is somehow incapacitated. Trusts may also be an option.
START YOUR PLANNING NOW
Even though every estate plan is different, and the details can oftentimes seem confusing, getting started now is usually the right move for you and your loved ones. Preparing for the future is always a good investment of time and energy. At our law firm, we work with Alabama residents who want to tackle this issue head-on. We do our best to help our clients select the best estate planning options for their situation. For more information, please visit the estate planning overview section of our law firm’s website.