Even if you understand the benefits of estate planning –which most people do– it doesn’t mean you’ve taken the appropriate action.
Fortunately, even if you’ve put off estate planning in the past, it doesn’t mean you have to continue down this same path in the future.
With a comprehensive estate plan in place, you’re in better position to answer questions such as:
- Who will receive your assets upon your death?
- What will happen if you’re incapacitated and unable to make your own decisions?
- How will you pay for long-term care, such as a stay in a nursing home?
While all of these questions are important to address, you need to back them up with action. And that means creating the right type of estate plan.
What Should Your Estate Plan Include?
To start, you’ll focus on the creation of a will or trust. Either way, you have the power to make a variety of high level decisions, such as who will receive your assets upon your death.
From there, other additions to your estate plan should include:
- Incapacity planning: You don’t have to be old to come face to face with incapacity. From an illness to an injury, there are many things that can hinder your ability to make your own decisions.
- Long-term care planning: How will you pay for long-term care, such as a nursing home stay, should the time come? Do you have a preference in regards to the facility you want to spend time at, should it be necessary? Is now the time to buy long-term care insurance? These are all important questions to answer.
- Asset protection: You work hard to acquire assets, from bank accounts to real estate to retirement accounts. The right strategy helps protect your assets from threats such as creditors, lawsuits, and divorce.
No matter what type of estate planning services you’re interested in, we’re more than willing to step in and assist you. Reach out to setup a consultation.
