Now, more than ever, the costs associated with life are apparent. However, there are some things in life that are worth the price tag associated with them. For some, that might be a dream home, but for others, this may be the simple necessities in life.
Regardless of one’s age or stage in life, it is important to take steps to protect one’s current and future life as well as the interests of their heirs. Estate planning may seem like a daunting task that requires one to think about their death or incapacitation, all while completing a process that could be costly; however, having a valid estate plan in place is invaluable. This makes it a vital to take this step.
Components of an estate plan
If one were to look at the estate planning process as one that is costly and time consuming, it is important to understand what an estate plan could look like, how it could become complex and what could make it a costly process. In turn, this can help one discern what is necessary and why the price tag associated with the process is appropriate.
To begin, it could be very low cost and quickly accomplished if one were to take on the task on his or her own. However, if one seeks to use various documents and ensure that they function all together, doing this process solo may result in an estate plan that does not function at all like he or she intended.
Most commonly, an estate plan contains a will, trust, durable powers of attorney and healthcare proxies. While these documents may seem straight forward, each document needs to be planned out so that one’s overall big picture is met.
How an estate planner can help
An estate planner can help an individual help them look at their past, their present and what they anticipate for the future when working through each document contained in an estate plan. The most important thing they can help with is unfolding what the future could bring and how to best prepare for this. Additionally, an estate planner can present many questions one would not consider on his or her own. Thus, they not only ensure their estate plan is valid but also considers ways to best protect the individual and their heirs.
Beginning the estate planning process may not be easy; however, it is a process that is considered necessary no matter a person’s age. Whether you seek to draft and estate plan or update a current one, it is essential to understand the process fully and how best to represent your current and future wishes.