Wills are probably the best-known estate planning device, and setting up a will can be a very important step when a person is making plans for what will happen with their estate when they pass away. However, it is important to remember that a well-developed estate plan can involve far more than just a will.
For one, wills are not the only legal device a person can turn to for controlling how their property will be distributed following their death. Which particular device is best-suited and most appropriate for controlling the distribution of a given asset a person has depends on the asset and the circumstances of the person and their family.
Also, controlling how assets will be distributed upon death is not the only important goal estate planning can be aimed at helping to achieve.
Another such goal is to keep one’s assets as protected as possible as one grows older. Trusts are an example of an estate planning tool that can sometimes assist with asset protection.
Yet another goal that can be among the goals a person has for estate planning is to control what will happen if a medical condition causes them to be incapacitated. Setting up legal documents such as advanced directives (like living wills and health-care-related durable powers of attorney) and financial powers of attorney can sometimes help with this goal.
Thus, there are a great many options and choices that can come before an elderly individual when it comes to estate planning. This can leave a senior wondering: what sort of estate plan is right for me?
The Gray Law Firm P.S. has significant experience when it comes to estate planning issues and strives to help its elder law/estate planning clients find the answer to this question. Individuals who would like to learn more about the firm’s services regarding estate planning and elder law may want to visit this page.