Estate plans allow you to make legal provisions for the distribution of your assets after you've passed away. Though a comprehensive estate plan has a variety of components, there are some essential parts any plan should possess. The lawyers of Shelton Law Firm in Chariton, IA, discuss three of these crucial elements below.

3 Essential Parts of Any Estate Plan

1. Will

A will allows you to name the beneficiaries you wish to inherit your estate after your death. Without a will, the courts determine how your estate is divided, and their findings may be far different from what you would have intended. With a will, you are creating a legally binding document that lays out, in detail, how you want your estate distributed and to whom.

2. Trusts

A trust is one way to avoid the lengthy and costly probate process. You pass ownership of your property to the trust before your death, and after you're gone, the property then passes to the beneficiaries you've designated. Establishing trusts can save your heirs considerable time, money, and stress further down the road.

3. Power of Attorney

Have you ever considered how you'd want your legal and financial affairs handled if you ever become unable to care for yourself? It's an important question to reflect upon. Making a power of attorney part of your estate plan lets you nominate a trusted individual to oversee your affairs and make legal decisions on your behalf if you are in no condition to do so.

Contact Shelton Law Firm online to schedule a consultation with an estate planning lawyer. You can also reach them by calling (641) 774-5956 or connecting via Facebook or Twitter. By designing estate plans with a trusted lawyer, you can customize the legacy you leave for future generations.