What is an Estate Plan?
This month, we discussed why a Will is not a substitute for an estate plan. In this blog, we will discuss the elements of a strong estate plan for you and your loved ones.
First, an estate plan is just that, a plan. It incorporates all the documents and legal obligations specific to your estate. “While a Will is a single tool, an estate plan involves multiple tools,” from SmartAsset.com. A Will does not govern all your property or assets, nor does it aid your loved ones in the event you become incapacitated and unable to make decisions for yourself while you are alive.
From Baird Private Wealth Management, “While estate planning may seem to be primarily the purview of the ultra-wealthy, the truth is that it’s a multifaceted process that can provide benefits to people in many different economic situations.”
Elements of an Estate Plan
Revocable Living Trust
Pour-Over Will
Provisions in Case of Incapacitation (Advance Healthcare Directives, etc.)
Coordinated Beneficiary Designations
As we discussed in our blog post, “Why an Estate Plan is Better Than a Will,” there are many assets and properties that cannot be incorporated in a Will alone. Moreover, a Will is a document that must be submitted to a court of competent jurisdiction for probate. That makes it public record. For business owners, blended families, and others, an estate plan can build a plan that is customized to your life and your loved ones.
Contact Lubnau Law today for more information and to get started on your estate plan.