Some legal realms turn out to be surprising for people who underestimate their broad utility.
Estate planning is one prime example.
An in-depth online overview of the subject matter underscores that. It stresses that, “When people think of estate planning, they tend to focus on the distribution of an individual’s assets and other property when he or she passes away.”
Fair enough. Planning certainly does emphasize asset distribution to heirs and beneficiaries. That is a critically important component in legions of planning strategies.
It is also commonly just a single cog in a plan, though. Tailored estate plans also address and effectively manage myriad other concerns as well. Here are some representative examples:
- Power of attorney designations relevant to financial and health care matters should a planner become incapacitated
- Trust creation addressing the special needs of a loved one
- Gifting and charitable strategies that can play a role in lawful tax avoidance
- Guardianship appointment (with key relevance for parents of young children)
- Probate avoidance, which can save time, money and sometimes family acrimony, as well as promote privacy
- Business succession, with determinations often being vitally important for family-run concerns
Many people put off planning owing to a belief that it is relevant only to seniors having considerable assets. The above bullet points belie that assumption.
And some would-be planners procrastinate because they think an executed plan is a done deal not subject to further adjustment.
Happily, that is also untrue. The aforementioned overview duly stresses that estate plans are freely amendable in most cases, “so you needn’t fear being locked into a ‘rough draft’ plan that’s created early on in life.”
An experienced estate planning attorney can provide further information.