4 Estate Planning Tools to Consider (part 2 of 2)

If you’re just beginning to consider your estate planning needs, you should look into the use of different documents and tools. This will allow you to develop a plan that meets all of your needs.  Take a look below to better understand some of your options.  If you have any questions, or if you’d like to start your estate planning, contact an estate planning attorney.

• Create a living will

If you’re looking to have more protection during possible incapacity, it’s a good idea to execute a living will.  This legal document allows you to outline your wishes regarding end of life treatments.  Many people use this document to make choices regarding the use of life support.   If you want to ensure that your wishes are respected, you should create a living will.  Your wishes must be in writing.

• Create a revocable living trust

Are you looking for a way to avoid the probate process, and ensure that your beneficiaries receive their inheritances more quickly?  You may want to consider the use of a revocable living trust.  With this tool, you’re able to title the assets in your trust so they are held in your trust and controlled by the trust’s terms.

You can also decide how your assets are distributed as well as who manages your assets after your death.  This is a great way to save time, money, and keep your affairs private.  Other benefits include incapacity planning, pet planning, special needs planning, and inheritance planning.

It’s important to note that a revocable living trust is not a substitute for a will.  You still need a will.

Take the time to meet with an estate planning attorney so you can fully discuss your needs and goals.  Your attorney will be able to develop a customized plan that works for you.