![]() Whether you’re young, single, and just starting your career or you’re married, reaching retirement age, and wealthy, everyone has estate planning decisions to make. It isn’t just about you - an estate plan is beneficial for those who depend on you, and those who would be responsible for you during serious illness. Most people should have an estate plan in place. The document also gives you an opportunity to give comprehensive guidance to your health care agent regarding your care. Healthcare Directive – again, a written authorization for someone (a.k.a a “health care agent”) to make decisions on your behalf in the event of serious illness or incapacitation.an “attorney in fact”) to act on your behalf, financially, during serious illness, incapacitation, or at the end of your life. Financial Power of Attorney- written authorization for someone (a.k.a.The person who will administer your estate.How your named beneficiaries will receive your assets.A will - a legal document that directs your affairs after your death, and identifies:. ![]() The Essential Parts of an Estate PlanĪn estate plan can be complex, but it doesn’t have to be.įor most of us, the essential parts of an estate plan include: The attorneys at Gjesdahl Law use a variety of estate planning instruments to accomplish these goals, taking into consideration the client’s individual circumstances and needs. Some goals for estate planning include: simplifying or eliminating the need for probate identifying heirs and beneficiaries providing for your family and loved ones protecting and managing your assets planning for incapacity and minimizing taxes. What is Estate Planning?Įstate planning is the process of anticipating, organizing, and documenting a vision for your financial and medical future in the event of your death or disability. Here are some essentials of estate planning, tips on the right estate plan for you, and advice for getting started. We’ve assembled the basics of estate planning including a brief description of what estate planning actually means. So, why the indecision? If you’re like many others, you know that estate planning is, generally, a good idea, but don’t know how (or are scared) to talk about it. Sixty-nine percent of respondents considered creating a Will, but only thirty-four percent surveyed have actually done so. A recent study by Everplans indicates more than a quarter of people surveyed felt they weren’t doing a good job preparing their estate. If you lack the confidence, or motivation, to explore estate planning options for your family, you’re not alone.
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