The part that people get right is that estate planning is about distributing your property to others. That definition misses many important things a plan also does.
Estate planning also includes
- Nominating guardians for minor children
- Naming an executor
- Making healthcare choices now instead of making family guess later
- Naming somebody to manage your financial, legal, and healthcare affairs if you can’t
- Planning for mental incapacity
- Tax planning
- Taking care of children with special needs
- Taking care of children with addictions to alcohol, drugs, or anything else
- Protecting children from their creditors
- Protecting children from their spouses
Estate planning is as much about protecting you and your family during your lifetime as it is about anything else.
It is essential that you have a durable power of attorney and a healthcare power of attorney in addition to a Will or Trust. If you don’t then your lifetime protection is limited.
So, let’s define estate planning as the process of creating instructions on handling affairs and assets in case of mental disability, legal incapacity, or when you pass.
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