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.
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Law Office of Russell M. Blood, P.C.
1309 W. South Jordan Parkway, Suite 200, South Jordan, UT 84095