As the holiday season approaches, you may spend a lot of time preparing for the special events and annual traditions. It takes work, but it’s worth it when you see your loved ones smile and can reflect on a job well done.
As you think about your blessings, it’s a good time to consider your family’s future. At the least, you should have a will that details what happens to your assets after your death. It’s a good start, but a comprehensive estate plan does more.
What Does an Estate Plan Include?
An estate plan allows you to protect your family and decide what happens to everything you’ve worked for in your life. It details:
- How to manage your assets if you are incapacitated.
- Your choices for supportive health and organ donation.
- Instructions for the care of minor children or children with special needs.
- The names of guardians, trustees, and beneficiaries.
- Revocable and irrevocable trusts, LLCs and family limited partnerships, lifetime gifts, and charitable giving.
- Who takes over and manages business interests.
- Who receives special assets like family vacation homes, artwork, firearms, and personal collections.
Your estate planning needs change throughout your life, but it’s never too late to put a plan in place. If you already have an estate plan, review it to make sure it still specifies your wishes and keeps your assets out of probate. If you’ve been putting this off, talk to someone today who can guide you through this process to peace of mind when it matters most.