You know that writing a will and creating an estate plan can help your heirs, and it can in this way help you in the future. However, you will be gone when your estate plan actually goes into action, so it’s easy to think that you’re really doing all of this planning for someone else.
That’s a mistake. There are actually numerous ways that an estate plan can help you right away.
For instance, you can pick an executor for the estate when you write a will. To ensure the process goes smoothly, your best bet is to talk with the executor now. You can work together to figure out what should happen with your assets and what they can do to keep your dreams for your estate alive. Having these conversations in advance is very helpful.
Or, perhaps you want to use a trust as part of your estate plan, rather than putting everything in the will. The biggest benefit of a trust may be to your heirs, but did you know that some specific trusts give you the ability to take more deductions on your income taxes? You could get a bigger return next year if you do this now.
Finally, you need to consider things like an advance directive or a medical power of attorney. If you have a medical emergency that leaves you incapacitated but alive, these documents help doctors and family members know what steps to take and what types of care you want.
As you can see, estate planning is complex. If you’re starting with writing a will, make sure you also consider all of the other options you have.