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YOU LIKELY NEED A LIVING TRUST AND A LIVING WILL

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If you’re thinking about the estate planning tools that you want to utilize, you’ll likely consider the use of a living trust or a living will. It’s important to understand that these documents are very different and are used for different reasons. While not everyone may choose to create a living trust, most people choose the use of a living will. Take a look at the following information, to better understand these planning tools. If you have any questions, or if you’d like to create a living trust or a living will, contact an estate planning attorney.

What are the benefits of a living trust?

A living trust is a planning tool that allows you to accomplish a number of things. For one, it allows you to have full control over your assets during your lifetime, even during incapacity. Second, if used correctly, it also allows the assets in your trust to avoid probate. Third, you can include special needs planning, charitable planning, pet planning, legacy planning, asset protection planning, and bloodline protection planning in your trust.

Why would I want to use a living will?

A living will is an estate planning tool that allows you to make important end of life decisions ahead of time. If you become incapacitated and are in an irreversible coma or a persistent vegetative state, this document is used to determine the medical treatment that will be permitted and that which will not. Many people use this document to outline their wishes regarding the use of life support. If you don’t want to remain hooked up on machines in order to live, then you want to create this planning document.

Make sure that you understand the differences between these important documents. This will allow you to create a plan that fits in with your needs and goals. If you have any questions, or if you’d like to create a living trust or a living will, consult with a qualified estate planning attorney.

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Many people believe that because they’re young, there’s no need to handle their estate planning affairs. This is NOT true. It’s important to have a plan in place as soon as you reach adulthood, so that you can be prepared throughout your lifetime. If you’ve been putting off planning, take a look at the following information, to better understand your needs and what you can accomplish with estate planning. If you have any questions, or if you’d like to begin your estate planning affairs, meet with an estate planning attorney.

The Basics: A Will

One of the first estate planning documents that you will want to utilize is a will. While you may assume that you have little assets and don’t need a will, the truth is you do. Your will allows you to appoint an executor who will handle your estate affairs after your death. You will also be able to determine how your assets will be distributed to your chosen beneficiaries. Additionally, if you have children, you can appoint a guardian for their care.

Other Basics: Powers of Attorney and Living Will

There are also other documents that are extremely helpful to have. You should create a power of attorney document, so that your financial affairs are in order, in the event of incapacity. A healthcare proxy will also allow you to have a personal representative in place to help make medical decisions on your behalf, if you’re ever incapacitated. You may also choose to create a living will, so that you can outline your end of life decisions ahead of time.

Other Estate Planning Considerations

There are also other planning techniques to consider. It’s smart to begin investing in life insurance and retirement planning, as soon as possible. This will allow you and your family to always be protected.

Where to Get Help

No matter how young you think you are, it’s important to take time to consider your estate panning needs. You likely want to make sure that you’re protected throughout all of life’s misadventures. If you have any additional questions, or if you’d like to begin your estate planning, consult with a qualified estate planning attorney.

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When beginning your estate planning, you may have a lot of questions about how the planning process works, and the decisions that you will have to make. We’ve outlined answers to common questions, as a way to help you feel more comfortable about your planning needs. Take a look at the following information, to learn more about estate planning. If you have any questions, or if you’d like to start your estate planning, contact an estate planning attorney.

What are some basic estate planning documents to consider?

There are many estate planning documents that you can use to create a full estate plan. In order to determine the documents and tools that you will use, you will need to consider your needs. This will allow you to plan so that you’re able to achieve your goals.

Consider using the following documents:

Will – This is one of the most important planning tools. It allows you to choose how your assets will be distributed to beneficiaries, appoint a guardian for the care of your minor children, and choose an executor who will be responsible for managing your affairs. Even if you choose to create a simple plan, a will should be included.
Healthcare Proxy– This document prepares you for possible medical emergencies. If you ever become incapacitated, you want to make sure that you have the support needed to handle your medical affairs. You can use this tool to appoint an agent, who will help make medical decisions on your behalf, and ensure that you’re receiving the best care possible.
Living will – A living will is another powerful incapacity planning tool. It allows you to outline your end of life treatment decisions ahead of time. This makes it possible for your wishes to always be respected, even if you’re unable to give informed consent.
There are many other estate planning tools and documents that can allow you to achieve your individual goals. Take a look at our next blog post (part 3 of 3), to learn more about estate planning. If you have any additional questions, or if you’d like to start your estate planning affairs, consult with a qualified estate planning attorney.

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If you’re just beginning to think about your estate planning needs, you probably have a lot of questions and concerns. In fact, it may seem overwhelming having to plan for the future. If you’re looking to feel more comfortable by learning more about the planning process, take a look at the following information. If you have any additional questions, or if you’d like to begin discussing your estate planning needs, contact an estate planning attorney.

When is the best time to begin planning?

An estate plan should be created as soon as possible. Once an individual reaches the age of 18, it’s important to plan for the future. This makes it possible to be prepared for the unexpected. By putting off your planning, you may find that your wishes aren’t respected, and that you’re unable to get the help that you need.

What’s the best way to overcome planning fears?

Many people are scared to begin planning. This is because planning involves talking about difficult topics. It can also be scary to think about the unknown. If you’re looking for a way to face your fears, take a look at the following tips:

  • Discuss planning with your loved ones. Taking the time to listen to their planning experiences, can allow you to be better informed and comfortable with the planning process.
  • Work with an estate planning attorney. An attorney can work with you so that you feel more comfortable about planning. He or she will be able to answer your questions, address your concerns, and better explain all of your options.
  • Set goals and gradually work towards them. Estate planning isn’t something that needs to be done overnight. Create some planning goals, and work towards them at your own pace.

Take a look at our next blog post (part 2 of 3), for more information on the estate planning process. If you have any additional questions, or if you’re ready to begin your estate planning ventures, consult with a qualified estate planning attorney.

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Many people assume that estate planning is only the process of planning how your affairs will be handled after death. While this is one way that you can utilize estate planning, there are many other needs that can be met as well. It’s important to realize that an estate plan can also assist you in achieving your goals throughout your lifetime. Take a look at the following information to learn more about lifetime estate planning benefits. If you have any questions, or if you’d like to discuss your estate planning needs, contact an estate planning attorney.

Estate Planning’s Lifetime Benefits

Did you know that estate planning can help you with many needs during your lifetime? This can allow you to have a full plan in place for both during your life (and after your death.) Take a look at some of the ways in which estate planning can be helpful:

An estate plan makes it possible for you to protect your assets during your lifetime. This can keep your assets away from creditors and other threats. While some ultra wealthy people use offshore planning, others use insurances and business entities to protect their assets during their lifetime.
You can use estate planning to have an incapacity plan in place. This will allow your needs to always be met, even if you become incapacitated.
You can use your planning to have control over your assets during your lifetime. One way to do this is by creating a revocable living trust.
You can use planning techniques to gift to your loved ones during your lifetime. This can be a great way to see your friends and family members benefit from your gifts. It can also help you save on taxes.
With an estate plan, you’re able to plan for future costs. This includes long term care, college, and retirement expenses.
If you have any questions about the estate planning process and how you can benefit during your lifetime, consult with a qualified estate planning attorney.

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If you’re beginning to consider your estate planning needs, you may be thinking about creating a will. Many people assume that they’re able to draft their own will. It is possible to create your own will, but there are a multitude of mistakes that can be made. If you make serious errors, your will may not be legally valid and you may not have the right plan in place. Take a look at the following information to better understand the need to work with an attorney when creating this legal document. If you have any questions, or if you’d like to create your will, contact an estate planning attorney.

Can You Write Your Own Will?

You need to make sure that you have a customized plan. With the help of an estate planning attorney, you will be able to have a will that meets all of your needs. When creating your own will, you may be tempted to copy an online form. Your attorney is the one who understands how to create the best will possible for your specific situation.
You may save money now, but it is likely to cost you more in the future. Some people try to handle their own planning in order to avoid expensive legal fees. The truth is, if you make serious errors, you could create more problems than you solve. These problems will likely create more expenses and family discord.
Your needs may change. Just like other estate planning documents, you will likely need to make changes to your will throughout your life. This will make it possible for your needs to continue to be met. An attorney is able to make updates correctly, so that your plan is effective. Don’t attempt to change your will on your own. Doing so may make it invalid.
If you’re ready to create your will, take the time to meet with an attorney so that you’re able to discuss your needs and goals. If you have any questions, or if you’d like to begin designing your will, consult with a qualified estate planning attorney.

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Every family is unique and should take the time to carefully consider their estate planning needs. Taking the time to understand your own family’s needs will allow you to have a better plan in place. Take a look at the following considerations, to see how you can improve your estate planning. If you have any questions, or if you’re ready to start your estate planning affairs, contact an estate planning attorney.

  • Do you have young children? If so, you need to make sure that you have a plan in place for their protection. This includes choosing a guardian so they are always cared for (i.e. during any incapacity and after death.) You should also consider the assets that you leave behind (i.e. you may need life insurance.) You may want to utilize a trust so that you can ensure that the assets will be protected and used responsibly (i.e. minors can’t inherit outright and all beneficiaries need asset protection.)
  • Do you have a family member with special needs? You will likely want to make sure that the assets that you leave for your loved one are protected. You can use special planning techniques so that you’re able to contribute to your loved one’s care without sacrificing his or her ability to take advantage of Government benefits.
  • Do you have a family member who is unable to manage his or her finances? You can utilize estate planning techniques that allow you to protect the assets that you leave behind. This can ensure that the assets are used for the right reason, and that your loved one is able to benefit in the right ways.

These are considerations that you will want to think through. An estate planning attorney can work with you to fully understand your family’s needs. You will be able to have the perfect plan in place for your entire family.

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It’s important to take the time to handle your estate planning, so all of your needs are met throughout life. Many people put off their planning because of fears or because they feel they don’t have enough time. It’s essential to plan as soon as possible. Take a look at the information below, to better understand the 5 reasons to begin planning.

Plan for future expenses. With an estate plan, you’re able to plan for future expenses. This may include proper retirement planning, college planning, or it may also include purchasing long term care insurance. This can help you have a plan in place so that you don’t have to stress about future needs and expenses. Without a plan, you may live a life full of worry, and may be forced to spend a lot more money on your needs.

Have a greater peace of mind. By creating your plan, you will be able to eliminate some of the fears about the future. Having a plan in place gives you greater peace of mind, and allows your loved ones to feel fewer anxieties about the future. With a plan in place, your loved ones will know that you have handled the important responsibility of planning and that their needs will always be met.

Have control over how your assets are distributed. With a plan, you’re able to have full control over your assets and how they’re distributed. You may choose to give your assets to your loved ones, or you may even choose to donate to a charity or other special cause. Many people enjoy planning out how their assets will be distributed. If you don’t have a plan in place, you have no say in this important matter. Instead, your state’s laws will determine how your affairs are handled.

Now is the time to create your plan! If you have any questions, or if you’d like to begin your estate planning, consult with a qualified estate planning attorney.

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Many people put off their estate planning because of the fears that they have.  These fears should not stop you from doing your important planning tasks.  Not having a plan in place will mean that you and your family are unprepared for the future. Take a look at the information below to better understand some common fears.  If you have any questions about the planning process, or if you’d like to begin your estate planning, contact an estate planning attorney.

  • I’m afraid that estate planning is too expensive. While creating your estate plan is an investment, it should not keep you from planning.   It’s beneficial to work with an experienced attorney so that you have a plan that meets your individual needs.  Know that you will be investing in your future and that any tax related advice is tax deductible on your 1040!
  • I don’t want to think about death. No one likes to think about illness, disability, or death. Unfortunately, these are topics that must be discussed during your planning.  Know that by including these difficult issues in your planning, you will be making steps so that you and your family are prepared for the unexpected.
  • The planning process is too difficult and confusing. With the help of an attorney, you will be able to accomplish all or most of your estate planning goals. Estate planning can be difficult to do on your own, but if you work with an experienced attorney, you will feel more comfortable. Your attorney will walk you throughout all aspects of your plan so that you understand your options and decisions.

Don’t let estate planning scare you.  Take the time to handle your affairs so that you’re able to be prepared for all of life’s difficulties and blessings.  If you have any questions about your estate planning needs, or if you’d like to begin your estate planning, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.