A good estate plan will help you, your heirs, and your loved ones reduce administration costs, probate costs, taxes, attorney’s fees, and arguments among your heirs. By planning your estate you ensure that your property will go to the people you want, when you want, and in the way you want, so that your loved ones can mourn your loss without having also to deal with potentially costly and litigious financial issues.
Estate plans vary based on the individual but may include financial and health care Powers of Attorney, an Advanced Medical Directive, a Last Will & Testament, Medicaid planning, gifting, estate tax planning, and one or more of a variety of Trusts. A Last Will & Testament is for the management and distribution of your property after you die; whereas, Powers of Attorney and Advanced Medical Directives are used for the management of your property and making health care decisions before you die. Trusts can be used to manage your property both before and after you die. Regardless of your specific situation, estate planning will ultimately benefit you and the ones you leave behind.