Everyone wants to feel young and vibrant. It’s not easy to think about accidents, deterioration, old age and decline. But estate planning is an important step for every adult to take. By putting things in order, people are able to relieve the burden of decision-making during a difficult time.
There are some estate planning tools that everyone should know about
People have all heard of a will, and most also know about living wills that provide medical directives. Power of attorney is also important. If someone becomes disabled, for example, it’s crucial that someone be able to handle paying their bills and managing their funds. Medical power of attorney documents can also designate someone to make medical decisions on behalf of another person.
Trusts are also a useful estate planning tool
In a trust, there are three parties: the owner, the trustees and the beneficiaries. Trusts are designed to protect assets and can have many advantages for their holders and beneficiaries.
There are several different types of trusts. These include special needs trusts designed to hold assets for use by disabled people and their representatives. A revocable trust is one where the terms can be changed by the owner of the trust. Because there are so many types of trust, anyone interested in creating one should seek out legal and financial advice.
While everyone should make end-of-life plans, it’s especially important for people with minor children to do so. It’s important to consider who would be their caregivers and how they’d be provided for in the event that they lost their parents. Planning ahead really streamlines things when something bad does happen. It also provides the parents themselves with peace of mind.
Rex B Bushman is an experienced estate lawyer when it comes to living wills and Utah estate laws. If you need help with estate planning, contact him today.