Every family is unique and should take the time to carefully consider their estate planning needs. Taking the time to understand your own family’s needs will allow you to have a better plan in place. Take a look at the following considerations, to see how you can improve your estate planning. If you have any questions, or if you’re ready to start your estate planning affairs, contact an estate planning attorney.
Do you have young children? If so, you need to make sure that you have a plan in place for their protection. This includes choosing a guardian so they are always cared for (i.e. during any incapacity and after death.) You should also consider the assets that you leave behind (i.e. you may need life insurance.) You may want to utilize a trust so that you can ensure that the assets will be protected and used responsibly (i.e. minors can’t inherit outright and all beneficiaries need asset protection.)
Do you have a family member with special needs? You will likely want to make sure that the assets that you leave for your loved one are protected. You can use special planning techniques so that you’re able to contribute to your loved one’s care without sacrificing his or her ability to take advantage of Government benefits.
Do you have a family member who is unable to manage his or her finances? You can utilize estate planning techniques that allow you to protect the assets that you leave behind. This can ensure that the assets are used for the right reason, and that your loved one is able to benefit in the right ways.
These are considerations that you will want to think through. An estate planning attorney can work with you to fully understand your family’s needs. You will be able to have the perfect plan in place for your entire family.