A lot of people who have questions about estate planning express a desire to get “everything taken care of.” While this is a common sentiment, it can also be a deceptive one. Even if you only want to create the most basic of estate plans to ensure your affairs are taken care of after you die, creating such a plan is not as simple as the question or the desire might lead you to believe. Today we’re going to look at what you might need to do if you just want everything taken care of.
What is “Everything?”
The umbrella word “everything” in the context of estate planning is typically used to express people’s desire that all their affairs will be wrapped up simply and efficiently once they die. It is also used to include covering potential catastrophes, such as falling seriously ill or being in an accident that renders you incapacitated.
While addressing these types of situations and questions is what an estate plan is meant to do, doing so properly means creating multiple tools, each of which is designed to address different issues. There is no single estate planning device or decision you can make that will cover all the issues a good plan will address. A good plan is one that includes multiple tools, with each tool working in conjunction with the others.
Everything is Not the Same For Every Person
Even if there was one simple tool that could allow you to address all your estate planning concerns, that doesn’t mean that tool would be properly crafted for you and your circumstances. Everyone is different. Whether it is your family situation, your financial concerns, or your particular wants and desires, your estate plan will need to reflect your individual needs. No two plans are ever identical because no two people are identical – each person’s plan must be individually tailored to fit that person’s needs.
Making Sure Everything is Taken Care Of
Even though estate planning is more complicated than most people initially believe, that doesn’t mean the process of creating a comprehensive plan is difficult. When you speak to an estate planning attorney, he or she will ask you specific questions about your circumstances, goals, and personal desires. Using your answers to these questions, you and your attorney will craft the tools to ensure your wishes will be honored and that you and your family will be as protected as possible against anything that happens in the future.
In other words, the best way to make sure you have everything taken care of is to talk to an estate planning attorney and create a plan that will afford you all the protections possible.
Latest posts by Larry Parman, Attorney at Law (see all)
- Clarity is Key to Planning & How Tom Petty Could’ve Done It Better - July 18, 2019
- Why Crowdfunding May Cost You Medicaid Eligibility - July 16, 2019
- Beneficiary Designations, etc., Aren’t a True Substitute for a Trust - July 11, 2019