Proper estate planning will ensure your family has the best tools available in the event you become incapacitated or pass away. It is important to work with an estate planning attorney in developing the tools that you will provide your loved ones with, for example: a Trust, Will, Power of Attorney, and Health Care Directive. Attorneys have historically been called “counselors at law.” It is important to see a skilled professional to assist with important choices, such as: Who should be the Trustee? Should there be Co-Trustees, Independent Trustees, and/or Distribution Trustees? Who should be guardians? Who should be the health decision makers? How and when should each beneficiary receive his or her inheritance in the best manner? And, of course, there is the counseling necessary to resolve special issues with blended families (including children of prior marriages), business succession planning, specific bequests, and equalization formulas. There are many decisions to be made, even before “filling in the form” or preparing your documents. Therefore, a “one-size-fits-all” approach may be the worst thing that people do when planning their estate.
Still confused? Check out these five common questions about estate planning.