Having a well-developed estate plan can give you a sense of peace that you never expected. Many in Bakersfield, California, have expressed surprise over how good it feels to complete this critical stage in preparing for the end of one’s life.
At first, estate planning may feel like a morbid undertaking, but in the end, you will likely appreciate having completed this task. You will also feel better knowing that your loved ones will face little if any hardships in the wake of your death.
What goes into a solid estate plan?
At one time, people trusted in the ever-reliable last will and testament to define their final wishes and distribute their assets. In this contemporary environment, you have estate planning options aside from this single document. While a proper estate plan does need a will, you may also consider adding the following documents.
- Advance healthcare directives. With this tool, you can make your healthcare wishes known should you fall severely ill or become too incapacitated to speak your preferences aloud.
- One or more trusts. There are many trusts to choose from that add value to your estate plan and protect your loved ones financially after you die.
- Financial power of attorney. With this estate planning document, you can designate a trusted individual to make financial decisions on your behalf in the case of incapacitation.
Estate planning is not typically a “one and done” process. You can tailor your estate plan to meet your current needs and then revisit your plan after significant life events occur. For example, after welcoming a new grandchild into your life, you can change your plan so that your grandchild receives a share of your estate.
Learn more about estate planning by continuing to explore our website for additional information. The more you understand about the value of an estate plan, the easier you can form your own goals.