When owning an estate, it helps to plan ahead. Should the unthinkable happen, having the right plan matters. The Youtube channel, WealthCounsel, provides a quick summary on the basics of estate planning, and how consulting estate planning attorneys will help the process.
To put it plain and simple, estate planning is preparing for possible incapacity, disability, or death of the estate owner.
It helps plan who the assets are distributed to, who takes care of the owner in the case of health issues, and what taxes are paid.
The absence of an estate plan could result in many financial, legal, and personal headaches. The court may assign a guarantor or guardian, a person the estate owner may not be familiar with. Having an estate plan ready will ensure that any future legal costs are reduced, the ability of the estate owner to leave assets to whomever they want, and having their loved ones and themselves provided for.
Most estate plans will include a medical directive, a living trust, a will or pour-over will, and financial power of attorney. By having all of these filled out in detail, the wishes of the estate owner can be fulfilled.