Posted on: 3 December 2021
The good news about estate planning is that you can customize a plan to best meet your needs, and you can hire an estate planning attorney for help. When you create your plan, the lawyer will ask you some questions to determine your needs. Afterward, the lawyer will suggest some tools for you to incorporate into your plan. Here are three tools the attorney might recommend for your situation.
1. Life Insurance
You might not think of life insurance as an estate planning tool, but it is, and many attorneys recommend buying a policy if you do not have one. While not everyone needs to buy life insurance, it is a smart move for some people. You might need life insurance if you are the sole breadwinner of your family and have kids. Leaving behind a life insurance policy provides financial compensation to your loved ones, and they can use this money for all kinds of things. If you have young kids, they can use it to fund their college tuition costs or other things. If you have a spouse, they can use it to pay off your home mortgage.
2. Living Trust
A living trust is another vital tool that might offer some benefits to you. A living trust is an entity of sorts. It is something you create with the help of an estate planning attorney, and you transfer your assets into it. The key purpose is to transfer the ownership rights from you to the trust. When you do this, your beneficiaries can easily take ownership rights of your assets when you die. You can determine who your beneficiaries are, and you can state who gets your things when you pass away. It is best if you can offer clear and thorough instructions in your trust, including every asset and the name of who gets it when you pass away.
3. Living Will
The third tool your attorney might recommend is a living will. If you get injured from an accident or develop a serious health problem, you might become incapacitated. If you become this way, you cannot make decisions normally. If you have a living will, it will offer instructions about what to do if this happens to you.
Are you interested in any of these tools? If so, talk to an estate planning attorney. The attorney can also explain other tools you can use in your estate plan to fully protect yourself and your family members. Contact an estate planning attorney, such as https://www.linskylaw.com, to learn more.Share