3 Estate Planning Tools Everyone Should Use

Posted on: 13 November 2014

Are you under the impression that estate attorneys only service individuals with large estates worth a considerable amount of money? If so, you should know that there are many people out there that share this misconception. However, the truth is, not only do estate attorneys routinely work with everyday people, they actually offer many valuable estate planning tools that everyone should use, regardless of what their net worth may be. Below you will learn more about these invaluable estate planning tools.

Last Will And Testament

A last will and testament is perhaps the most well known estate planning tool available. Unfortunately, while many people recognize the importance of having a will, they will overlook the importance of having this will drafted by a knowledgeable attorney. As a result, many individuals will choose to use do-it-yourself documents when drafting this important piece of legal documentation.

When choosing to have your last will and testament drafted and filed by a qualified attorney, you will be able to ensure that your will is properly executed upon your death. Using these professional services will also help to minimize the chances that the legality of your will can be challenged.

Living Will

Not all estate planning tools are designed to be used after your death. A living will is a perfect example of an estate planning tool that is designed specifically to benefit you during your lifetime.

The purpose of a living will is to allow you to provide advanced directives regarding your medical care in the event that you are ever incapacitated and unable to make medical decisions. People often use these documents to share their feelings about controversial procedures such as organ donation or the use of life support.

Power Of Attorney

Power of attorney is another estate planning tool that is designed to benefit you during your lifetime rather than benefiting others after your death. Just as a living will allows you to provide advanced directives regarding your medical care, a power of attorney will allow you to provide advanced directives regarding your finances.

In addition to providing your chosen executor with advanced directives regarding your finances, assigning power of attorney will also give this individual the ability to make emergency decisions regarding your finances in the event that you are incapacitated. By providing this trusted individual with this ability, you can be sure that all of your bills will be paid and that your financial well being will be looked after during the time you are unable to complete these tasks on your own.

In Conclusion

Your estate is made up of much more than the balance of your bank account. This is why it is so important for all individuals to take advantage of estate planning tools. In order to start the process of planning for your estate, be sure to contact a reputable estate attorney in your local area to schedule a consultation.