The idea of an estate plan is usually one reserved for conversations between retirees. Many people believe that unless you are advancing in years, you don’t need an estate plan. While there are certain cases where it may not be necessary to have one, even a rough idea is better than none. For individuals of advanced age or those that may not recover from an illness, designing a comprehensive estate plan may provide invaluable protection and peace of mind when it is needed most.
Designing an estate plan is not just a good idea to protect and provide for your loved ones after you’re gone, it is a great way to ensure you are taken care of. A comprehensive estate plan allows you to lay out plans for your overall health care. If you are ill, and may not recover, or if you may get to the point where you are incapable of communicating your wishes, an estate plan may provide directives for your loved ones.
By designating a durable power of attorney, you can ensure that your financial and medical well-being is left to the discretion of someone you trust and love. Without this designation, these important and sensitive decisions may be left in the hands of a judge. Simply having the peace of mind that comes with knowing your true wishes will be carried out is invaluable.
Your estate plan can include elements that provide for your loved ones for years to come, and protects your assets from depletion. If your estate is quite large, you may be able to design an estate plan that offers countless tax benefits and makes use of your assets through a bequest or charitable contribution.
Drafting an estate plan allows you to protect your legacy and your wishes. Depending on the size of your estate and its complexities, designing a comprehensive estate plan may be quite difficult and might require the help of an attorney.