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4 Things Your Estate Plan Can Do (Part One)

February 25, 2011 by John Potter

If you’re like most people, you know that you need some sort of estate plan, but aren’t completely sure why.  Here are 4 things your estate plan can do for you:

1.  Plan for your disability

If you become disabled during your lifetime, your estate plan will provide the authority and instruction for your trusted helpers (your trustee or agent) to act on your behalf.  Your financial power of attorney, medical power of attorney, and revocable living trust all contain disability provisions.

2.  Provide for your family

When you die, your estate plan will also provide the authority and instruction for your trusted helpers to provide for your family.  Your will and revocable living trust contain such instructions.  In addition, life insurance is commonly used to replace your income, create an estate, or equalize an estate so life insurance is part of the estate planning process.

3.  Avoid probate

If you want to keep your estate finances and beneficiaries private and save money and time, you can design your estate plan so your assets avoid probate.

4.  Ease family stress

The more comprehensive your estate plan, the less stress your family will suffer when you die.  If your family knows your plans and wishes ahead of time, they will now what to expect and what is expected of them when the time comes.

A family meeting with your estate planning attorney while you are alive and well goes a long way in reducing stress.  Your family has the opportunity to ask questions and learn about their responsibilities as your agent or attorney in fact under your financial and medical powers of attorney, executor under your will, and your trustees under your trust.

Having funeral arrangements completed is part of the estate planning process as well.

  • About
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John Potter

Latest posts by John Potter (see all)

  • What Type of Trust Protects Assets? - February 20, 2019
  • Our Ashland Trust Attorney Explains How a QTIP Trust Works - February 18, 2019
  • What Happens If I Leave Assets Out of My Living Trust? - February 15, 2019

Filed Under: Estate Planning Tagged With: Estate Planning

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Testimonials

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.
DKS & KMS
My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.
Jillian
John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.
David J.

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ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
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15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

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11330 Vanstory Drive
Huntersville, NC 28078
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NORTHERN KENTUCKY
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