Whether you are a single working person or a parent raising a family, having an estate plan provides peace of mind. Attorneys know certain elements are crucial for creating effective plans. Here's why having this plan helps you build a comprehensive structure that benefits you and your loved ones. 

3 Elements Attorneys Recommend as Part of an Estate Plan

1. A Will & Trusts

Making a will gives you control over who receives your assets when you pass away. It is the only way to designate a guardian to care for any minors. If you die without a will, a probate judge makes those decisions according to state law.

Creating a trust allows you to protect all types of property. You can use trust assets and pass them to beneficiaries without going through probate, and you can name the person to manage the assets.   

2.  Insurance Policies

Insurance policies provide financial security for you and loved ones now and in the future. Life insurance policies ensure that your beneficiaries receive the money quickly without going through probate.

Health insurance covers you and family members for routine care and unexpected illnesses, diseases, or injuries. Disability insurance provides an income if you become unable to work. A homeowners or renters insurance policy helps repair or replace real or personal property if it is damaged, destroyed, or stolen.  

3.  Power of Attorney & Living Will

Granting a durable power of attorney to someone you trust allows them to handle business, personal, or health care matters if you cannot do so. A living will states the type of care you do or don’t want, such as receiving organ transplants or being placed on a life support system.

For help developing an estate plan, seek counsel from Cheryl A. Beverson, Attorney At Law, in Middletown, NY.  As a skilled lawyer with more than 20 years of experience, she offers residents throughout the Hudson Valley Region individualized advice to meet their goals and needs. She will explain your options and create documents that express your wishes effectively. Call (845) 341-0008 to schedule a consultation, or visit her website to learn more about her services.