Creating an estate plan requires formal legal documents, such as a trust, power of attorney, health care proxy and living will. However, effective trust planning should also include a letter of instruction containing information or guidance.
If you are forming a comprehensive estate plan to ensure the effective distribution of your assets after your death, you may not be aware of one emerging area in this field. In today's technological world, protecting your digital legacy is something you can plan for in your overall estate plan.
Having a valid will and ensuring access to important estate and financial documents is an important part of estate planning. When this does not occur, surviving heirs face numerous obstacles. But, there are ways to climb out of this estate hole if parents or family members do not have a will or provide this access.
When one of your family members dies, you go through a difficult grieving process. The complexities of distributing the estate may be difficult to understand and handle when you are dealing with the loss of someone you love. If the probate process seems unfair or strange to you, it may be because the will is invalid.
Even though it is inevitable, we do not like to think about the fact that we won't be here forever. Death is a difficult topic to talk about and even harder to accept. Despite that, it is one that we need to be ready for. This means considering how developing an estate plan could be beneficial. In some instances, an estate plan can be necessary, especially when it comes to long-term care planning.