Estate Planning for Every Budget: The Path to Peace of Mind

Peace of mind. This is a top reason most people list as a reason they want an estate plan. But what does that mean? How do you achieve peace of mind in estate planning? Well, the answer is actually simple. You get good legal advice for an estate plan that achieves your goals and stay updated as things change.

Many mistakenly believe that estate planning is only for wealthy families. In reality, every family can benefit from having an estate plan.

Accomplishing your goals require more than simply filling out various legal forms.

Attend this work shop be inspired to obtain the education needed to complete your estate plan, collaborating with your family, legal resources and other members of your team.

What is a Will? Your last will and testament is the legal document in which you, the “testator,” declare who will manage your estate after you die and who is entitled to your possessions. That includes large items, such as your home, and smaller things with sentimental value. You can also name the guardians for minor children or other dependents.

What is a Revocable Living Trust? Although not essential, a living trust provides for the transfer of assets from you, the owner, to a trustee you name, to avoid the delays and expenses associated with court probate. The trust sets the terms for the management of your assets and how they will be distributed to your beneficiaries in their best interest.

What is a Medical Power of Attorney? Also known as a living will or an advance health care directive, this document lets you designate someone to communicate your health care wishes if you can’t. This includes pain management, organ donation, and the desire to decline excessive health care or life support.

What is Estate Administration? Estates include money, personal possessions, real estate and funded accounts. Estate administrators organize these affairs and act as representation for the estate when the owner passes away. This comes with a range of responsibilities, such as creating an inventory, managing assets and disbursing possessions.