Millions of Americans don’t have any estate planning documents in place, even though most probably know that they should take care of this important task. Unfortunately, one of the primary reasons people avoid the task of estate planning is most likely that they think there are too many options and they simply don’t know what to do. It can help to think about the basics when it comes to a comprehensive estate plan.
Estate planning basics
For starters, most people probably have more assets than they realize. In the estate planning process, going through all of your assets can help you understand and decide how you would like those assets distributed. A simple will may be sufficient for many people, but for others estate planning instruments like trusts can also be beneficial.
Of course, a comprehensive estate plan isn’t just about having a plan for the distribution of assets. Other documents, like power of attorney documents, are also important. Power of attorney documents can designate another individual to make important medical or financial decisions for you, in the event you are incapacitated and unable to make those decisions yourself.
Every estate plan is different, even if most will contain similar types of documents. Our readers who may feel overwhelmed by the amount of choices to make in the estate planning process should know that our law firm is here to help. For more information about how we do our best to attempt to make sure our clients make the choices that are right for their family and financial dynamics, please visit the estate planning overview section of our law firm’s website.