Estate plans are uniquely created for each individual. What makes them unique is each person’s goals and priorities. Laying your cards on the table and deciding what to focus on will help you create an estate plan that fits you perfectly.
What is your end goal?
We all have different priorities in life, depending on our unique circumstances. But there are priorities more common among individuals when choosing their estate planning tools. This includes but is not limited to, the following goals:
- To protect your assets and loved ones when you die
- To continue making financial and legal decisions if you fall ill or become disabled
- To express your care preferences if you suffer a severe medical condition
- To retain government benefits while receiving supplemental funds
From here, you will know if you need a will, a trust, a power of attorney, a health care directive, a special needs trust or other estate planning tools. For instance, those who want to ensure proper management of their finances and legal affairs in the event they become incapable of doing so themselves can establish a power of attorney.
If you are unsure which one covers your goals and priorities, you may consult an estate planning expert to ensure you are on the right track.
The right mindset for protection
Just because you are preparing for the unexpected does not mean you are anticipating it. If you have the opportunity to protect yourself from the adverse results of unforeseen events, such as severe illness, disability and death, you should take it. This opportunity can take the form of estate planning.