An estate plan can benefit people of all ages, no matter where you may be in life. Additionally, a good estate plan will include certain items to ensure you remain protected.
While professional assistance is a must, you should also be aware of these essential items. Here are a few things to include in your plan.
Long-term care plan
In addition to providing your assets to your heirs, estate plans can also take care of you. Long-term care is often quite expensive, especially if you experience a terminal illness. Including a plan for long-term care can provide you and your family with peace of mind. It can also help you avoid exorbitant costs by taking the proper steps before you need assistance.
Guardian for minors
Along with establishing a plan for your assets, wills can also help you care for minor children after you are gone. By naming a guardian within your will, you can rest assured that your child will receive the proper support should the unthinkable happen. If you fail to do so, the court will make the decision on your behalf. And while the court decides these matters with the best interest of the children in mind, most parents prefer to make decisions on their own.
A revocable living trust
In addition to wills, trusts are another essential aspect of estate planning that many people can benefit from. Assets placed into a trust do not go through probate court, which alleviates stress for your heirs. It also provides more control over the estate planning process. For instance, you can arrange a trust to provide money in installments or to withhold an inheritance until the heir reaches a certain age.
It is also important for you to review your estate plan after major life events to ensure it continues to meet your needs. You should also conduct a general review every three to five years.