Some Things You Should Know About Your Estate Plan

There are many adults who put off getting an estate plan because they don't know how to get it or why it is so important. Getting an estate plan if vital and shouldn't be ignored. You should have one early and make sure it is updated often. Here are some things you should know about your estate plan.

Where Do I Go To Get An Estate Plan?

First of all, you might be wondering where you go to get an estate plan. There are programs online where you can put together a will, and this is definitely better than nothing. You should at least have something. However, the will is just one piece of the puzzle and without the help of a qualified attorney, you aren't totally protected.

The best thing to do is to go through a qualified estate-planning attorney. This attorney will make a plan that is specifically tailored to your needs so that you have piece of mind knowing that if something were to happen to you, your family would be taken care of. There are provisions put in place to protect children, your spouse, and other family members. This is why it is important that if at all possible, when you do the estate plan, you do it right and with an attorney.

What Is In An Estate Plan?

When people think of an estate plan, they usually think of a will. A will is an important part of that plan, but it is only a small part. A will has to go through a process called probate. This is when all of your asset, money, care of children and everything in your estate is executed by a member of the court and is put on public record. Instead of putting everything in a will,  an attorney will put all of your money and assets in a trust. This keeps your wealth, assets and money private and off public record. It also gets to your loved ones quicker and makes it easier for them to access it when needed.

Additionally, in your estate plan you should expect to have some power of attorney documents. These are documents that determines who will make financial, legal and medical decisions for you if you are unable to. These documents are incredibly important in the case of an emergency.

As you can see having an estate plan is very important and shouldn't be delayed.