Making legal and financial plans for the future is a deeply personal process that depends on your needs, objectives and financial concerns. As you consider what types of protection you may need, it will be helpful to consider the specific estate planning tools that will provide you with the most benefit and control. Most people find that drafting a will is a positive first step in the planning process, but there are other estate planning tools that could help you accomplish your goals.
You may find it beneficial to learn about the difference between a complete estate plan and a will, as well as what documents you need to have a complete strategy. When you understand your options, you can take the appropriate steps to craft a plan that meets your objectives for years to come. Without a complete plan, you are leaving certain aspects of your future to chance.
The benefits of your will
You have the right to have the final say over what happens to your personal property after you pass away. Through the terms of your will, you can specify who should receive specific items and how you wish to distribute your wealth. You can also plan for the care of your pet, and you may also identify the person you wish to act as guardian of any minor children you have. While a will can provide significant benefits, it may not cover all of the needs and concerns you wish to address.
Additional estate planning tools can provide you with confidence regarding your future. Certain things you may need may include a living will, health care power of attorney, financial power of attorney and more. You can also establish a trust, a step that allows you to set aside assets and designate them for a specific use. Additionally, a complete estate plan is one made with consideration of tax penalties and other factors.
What’s in your plan?
As each situation is different, you will benefit from creating a plan that is uniquely suited to your hopes and goals for the future. Creating a complete estate plan often starts with a will, but it is likely that you need additional things to have the full amount of security and support you deserve. You may benefit from speaking with a professional about how you should approach the estate planning process.