When it comes to estate planning, it’s never too early to get your affairs in order. However, if you’re like most people, the process might seem a bit confusing and overwhelming. Understanding the basic components of this practice is the first step toward creating a solid estate plan, and the legal team at Estep & Estep in Tazewell, TN, wants to ensure you are well prepared. Below, they offer some insight into estate planning, so you know what to expect.

Understanding the Basic of Estate Planning

Wills

Upon death, property and assets are dispersed through your will. Within a will, you’ll name an executor, who is responsible for carrying out the terms of your arrangements after you’re gone. You can also name guardians for any minor children in your care in the event you and your spouse pass away at the same time. Not having a will in place can be troublesome, as without one, these important decisions will be left to the court.

Trusts

Trusts are another vital component of estate planning. As the trustee, you’ll be responsible for funding a trust with the titles of properties you possess, which will then be passed on to your heirs after you’re gone. Unlike wills, properties included within a trust are not subject to probate, which is the long and sometimes costly process of legally validating a will.

Power of Attorney

In the event you become incapacitated and can no longer make financial decisions for yourself, a power of attorney will allow you to name a representative. This is a crucial document, as the process for taking responsibility over one’s financial affairs when he or she is unable to give consent is long and arduous. With a representative in place before injury or illness strikes, you can rest assured your finances will remain in good hands.

Living Will

Sometimes referred to as an advance health care directive, a living will spells out how you would like to receive medical care if you’re unable to communicate. For instance, some people will specify they only wish to receive palliative as opposed to curative treatments, or they may wish to be removed from life support. It can be hard for families to make these decisions on their own, especially when they’re unaware of your final wishes.

Proper estate planning is crucial for everyone, and the attorneys at Estep & Estep are here to support you every step of the way. With more than 63 years of experience and a commitment to client satisfaction, you can rest assured they will help you protect your assets. Give them a call today at (423) 626-3525 to schedule a consultation, and visit their website for more information on what they do.