How To Use Estate Planning To Protect Your Legacy
Who needs estate planning? A short answer is: any adult who has assets, loved ones or favorite charitable causes.
Plus, anyone who has experienced a change in family, residence or finances is due for an estate planning checkup. At Huttar Law PLC, we encourage people to schedule a review of existing and recommended estate planning tools every three to five years or after a significant life change.
A will, a trust, a power of attorney or a health care directive allows you to voice your preferences in a legally binding way. Making decisions and formalizing those decisions in enforceable documents is the essence of estate planning.
What Should Your Estate Plan Consist Of?
Understanding and selecting what will be included in an estate plan is an important part of financial management over a lifetime. Health care choices are also part of estate planning. When a time comes that you cannot speak for yourself, your signed and notarized estate planning tools can bridge the gap.
You may wish to enable your future executor and beneficiaries to avoid probate and other cumbersome legal procedures by establishing one or more trusts. These may be part of your will or they may be standalone documents. When our law firm helps you create a trust, we will make sure all assets that are to be part of the trust, such as your home and annuities, are entitled in the name of the trust.