Whether you’re just starting out or you’re approaching retirement, an estate plan will provide you with peace of mind. Should you pass away or become unable to represent yourself, the documents you created with your estate planning attorney will protect your finances, property, and loved ones. 

What’s Involved in the Estate Planning Process?

Estate plans are customized to your needs. A basic policy will allow you to decide who inherits your assets, which will include your car, home, possessions, life insurance, and retirement plan. In the modern age, you’ll also be able to list the passwords to your social media accounts and designate someone to oversee them in any way you see fit. 

You can also use the estate plan to create funeral arrangements. By planning your funeral ahead of time, you’ll save money and leave fewer decisions that your grieving family will have to make. 

You’ll name an executor of your estate, who will ensure that your assets are properly distributed after you’re gone. 

In case of your incapacitation, you’ll designate a power of attorney, who will make medical decisions on your behalf. 

If you’re a parent with minor children, you’ll name a guardian for those children. 

What Are the Benefits of Establishing an Estate Plan?

If you have a partner, but you’re not married, you won’t be able to receive each other’s inheritance or have a say in medical treatments. An estate plan will establish your wishes and see that your partner is provided for. 

Without an estate plan, your family will not have immediate access to your assets. While your life insurance may ease the financial burden, they may not have the security they once did or be able to maintain their current standard of living.

Many families are the result of multiple marriages. Stepchildren are not guaranteed any inheritance unless you’ve adopted them. If you haven’t adopted them and you want them to receive some of your assets, you must stipulate this in your estate plan.

If you have a child with special needs, they may lose their Medicaid or SSI benefits if you pass away. Your estate planning attorney will set up a supplemental needs trust that will allow them to remain eligible for these benefits while still being able to use the trust’s money to pay for other expenses. 

 

Since 1974, the estate planning attorneys at Cada Cada & Jewson have helped the residents of Lincoln, NE, prepare for their future. Together, you’ll develop a plan that will see to your needs, ensure your assets are correctly distributed, and that your family is provided for. To learn more about their practice areas, visit their website. For a free consultation, reach out to them at (402) 477-2233.