What an Estate Plan Does, and For Whom
When it comes to planning for the future of your legacy, timing is important. You don’t want to wait too long to get started, just in case something happens. Many people think it’s too early to write an estate plan, or they believe they don’t have enough money to benefit from establishing one. Both of these assumptions aren’t true, as anyone of adult age can feel peace of mind with an estate plan.
Within an estate plan are documents that lay out the decedent’s wishes for how they want assets and other belongings to be distributed. The person writing an estate plan is referred to as a testator, and they are to leave instructions for how they want their legacy to be handled after passing away. Many people write an estate plan to:
- Choose loved ones or charities to give assets to
- Build a fund for a family member with a disability
- Make an organized list of tangible and intangible assets
- Document preferences for end of life and supportive care
- Appoint an executor to carry out estate plan instructions
- Write directives for all property, personal wishes, guardianship, and more
Rarely does anyone want to think about a time when they are no longer here on earth? But since humans are mortal, we have to eventually accept that we won’t be here forever. An estate plan protects the legacy that someone has built over the course of his or her, and turns wishes into official instructions that are legally binding.
As an estate planning lawyer from Klenk Law knows all too well, families of someone who recently passed often turn to an estate plan to figure out how their loved one wants their estate to be distributed. Without this information, a person’s estate may succumb to probate, which can be helpful in some circumstances but is usually added stress for family members who are already in a state of grief.