10 Basic Elements of an Estate Plan

Estate planning is something that many people try to avoid as long as possible. Thinking about the future can be scary, stressful, and worrisome, but the reality is that it is extremely important for both you and your family. Beyond the emotions that are tied to estate planning, the complex nature of the financial and legal documents forces many people to avoid starting their estate planning for a long time. What many people do not realize, however, is that actually sitting down with a professional to being estate planning will reduce stress and worry immensely. In fact, clients are typically extremely relieved once they have an estate plan in place.

An effective estate plan means considering personalized, individual needs and objectives. As such, hiring an experienced wills and trusts attorney is essential to crafting a proper estate plan. The following are some of the basic elements of an estate plan:

1. Who will manage your affairs
2. Avoiding probate
3. Plans for your estate in the event you need long-term healthcare
4. Protection of assets
5. Protection of children from any past marriage
6. Framework for your finances and plans for childcare
7. Protection of a portion of your estate
8. Discourage any potential challenges to your estate plan
9. Family estate plans that indicate specific directives for blended families
10. Plan for specific needs of individual children

While there are quite a few additional elements to an estate plan, the above are the basic considerations when it comes to planning for your future and the future of your family. Whether you are younger or older, married or single, a parent or without children, you should consider developing an estate plan. Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.

Proper estate planning will avoid the chaos and wasted assets of an unplanned estate, enhance your sense of security, and provide a dimension or personal well-being to your loved ones. Contact the Law Office of Brenda Murzyn, P.C. for more information.