Most people undertake the goal of creating an estate plan to make things easier for their loved ones. Elderly parents don’t want their children to be burdened with the frustration of long term care support or the expense necessary to provide the same in a facility. There are three basic estate planning steps that should be undertaken by people of all ages to consider these important issues and to provide valuable protection in the event of unexpected illness or death.
The first is to consider existing life insurance. Do you have enough life insurance in place to give your loved ones immediate financial support if other assets are tied up in probate? More immediate expenses like funeral costs can often come as a surprise and without proactively planning for these, your loved ones can be the ones coping with the consequences.
A second simple estate planning step is to consider a will so that you can appoint an executor, name a guardian for your minor children and determine what happens to your assets when you pass away. Even a basic will, when valid, can help to accomplish many estate planning goals and to unburden your loved ones from the frustration of probate.
The final and more advanced step is to establish a trust which will give you and your heirs more overall control regarding the assets inside the trust. Make sure to communicate with an experienced estate planning attorney about your intentions when it comes to using a trust so that you can ensure this document is properly drafted and funded to cover those concerns.
