What is Estate Planning?

When most people think of estate planning, they think about wills and trusts.  They think that it's mostly about who gets their stuff when they die. A good estate plan is so much more than that.  It includes:
  • Instructions for passing your values (religion, education, hard work, etc.) in addition to your valuables.
  • An Advance Health Care Directive to provide directions regarding your health care if you are unable to speak for yourself.
  • A durable power of attorney to enable people you trust to manage your property if you become mentally disabled
  • Documents naming a guardian and an inheritance manager for minor children.
  • Provisions for family members with special needs without disrupting government benefits.
  • Protections for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.
  • Life insurance to provide for your family at your death; disability income insurance to replace your income if you cannot work due to illness or injury; and long-term care insurance to help pay for your care in case of an extended illness or injury.
  • An orderly process for transferring your business at your retirement, disability or death.
  • Tools that will help minimize taxes, court costs, and unnecessary legal fees.
It is important to remember that estate planning is an ongoing process - not a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.

If you need help with your estate plan, call Russell M. Blood, Estate Planning Attorney, in South Jordan, Utah today at (801) 263-0132!