Estate planning is one of the most sensitive topics. You have worked so hard to acquire the assets you have and raise your children that you would like to protect your legacy and have your loved ones live comfortably should you die or become incapacitated.
Estate planning documents, including a will, can help you do this. But can a will only protect your estate? Here is what you need to know:
A will is powerful
All documents of an estate plan are powerful. They can protect different aspects of your life. For instance, a guardianship designation allows you to choose someone who will take care of your minor kids, and a healthcare power of attorney allows you to appoint someone who will make medical decisions on your behalf should you become incapacitated. However, if anything happens to you without choosing these parties, those you could have chosen can raise your kids and make the best medical decisions for you.
If you lack a will, they may distribute assets against your wishes. For instance, you may have wanted someone with special needs to get more than those who are independent, but they may fail to do this, not necessarily because they want to be unfair.
Thus, while an estate plan should have all the crucial documents if you should have one, let it be a will.
A will is useful for young people
Many people delay estate planning because they believe they don’t have enough assets to include or are young to choose a healthcare power of attorney. However, you don’t need to figure out everything at once. But it helps to have a will to protect your current assets. You will update your estate plan with time.
A simple plan can protect your estate. You should learn more about how a will is valuable to draft.