A lot of people think that wills and estate planning only applies to wealthy and high net worth individuals with multi-million-pound properties and huge businesses. However, death is a certain eventuality for everyone. Planning for the future and welfare of your family regardless of how large or small your assets may be is crucial if you want to make sure that your loved ones will be set for the future, especially when they might need to face tomorrow without you. Estate planning is an essential step towards ensuring that all of your assets and affairs will be managed as you intend when you die or when you become incapacitated.
One of the first things you should think about when it comes to estate planning is how to draw up a last will and testament. This said, a will shouldn’t be the entirety of your estate plan. However, it is a good place to start if you want to make sure that your dying wishes will be carried out. To supplement your last will and testament, you should think about setting up trusts that can help you protect as well as preserve your assets; especially when you have minor children who need help managing their inheritance before they can be allowed to take care of it for themselves. Seeking the aid of an estate planner is an excellent approach if you want the best advice on the trust solution to put in place .
Just the same, estate planning shouldn’t just be about the assets that you will leave behind nor the care and guardianship of your minor children. A sound estate plan should also involve provisions for your own care should you become incapacitated or unable to make important decisions for yourself. Using Lasting Powers of Attorney you can name a trusted party, whether it be a family member or a friend to act as a representative when it comes to matters of your welfare and financial affairs. Designating someone you trust to make these decisions for you is important. You want a person who knows what’s best for you and how you are likely to decide upon certain circumstances if things were up to you.
