If you haven’t done it yet, now is a good time to focus on estate planning. Whether you’re a young entrepreneur, a middle-aged spouse with kids, or retired, having certain documents prepared can give peace of mind to you and people you love. Becoming familiar with the following legal documents and tools makes accomplishing your goals easier.

3 Basic Elements of Estate Planning

1. Last Will & Testament

By writing a last will and testament, you control who receives your property and when they receive it after you pass away. You designate an executor, the person who will have responsibility for gathering and distributing your assets and carrying out your last wishes. A will is the only document in which you can designate a guardian for your minor children or an elderly parent for whom you’re responsible.    

2. Trusts

A testamentary trust takes effect after your death and can protect property for loved ones. You appoint a trustee to manage the assets and state a date when your kids will be mature enough to do it themselves. With a living trust, you can manage your assets and may reap tax benefits and creditor protection. Creating a special needs trust for loved ones with disabilities let you provide for them while protecting their right to receive government benefits without tax penalties.

3. Insurance Policies

Insurance policies are popular estate planning tools. Life insurance policies allow the beneficiaries to receive the funds quickly because they don’t go through probate. Disability insurance policies provide financial coverage for long-term illnesses, injuries, or diseases. Buying health and dental insurance helps cover medical and dental costs for you and your family.

Estate planning tools can give you and your loved ones a better quality of life now and later. Attorneys at Greene Law, PC in Farmington, CT, offer legal advice and skilled drafting of documents families need throughout their lives, including wills and trusts. Depend on their personalized, professional service and more than 25 years of experience to help you make and implement legal decisions. Visit the law firm’s website for more information and call (860) 676-1336 to schedule a consultation.