Legacy Design Strategies
Omaha, NE, Minot, ND and Iowa Fall, IA Estate Planning and Elder Law Firm

Estate Planning and Elder Law Blog

What Do I Need in My Estate Plan?

November 11, 2021
Andrew Sigerson
An effective estate plan uses a collection of documents and teamwork to protect one’s assets and personal property. An effective estate plan also explains and carries intentions of how to pass control down to successors in the event of your absence.

Digital Journal’s recent article entitled “What is an Estate Plan and What are its Benefits?” explains that an estate plan usually includes the following:

  • A will;
  • A financial power of attorney and a medical power of attorney (with consent);
  • A living will; and perhaps
  • A living trust.

You also need an experienced estate planning attorney who understands the possible strategies that are available to you for your family.

There are many significant benefits to establishing an effective estate plan, including deciding who will inherit specific assets, possessions, or valuables; and designating guardians for minor children; and avoid or minimizing taxes.

Without an estate plan, heirs must go through a very stressful probate process, which can take years. It can also be expensive. With a will, you can protect your young children and ensure that they are cared for by designating a guardian. Without a will, the court decides who will care for your children.

You can also stop fights before they start with an estate plan. One sibling—for whatever reason—may think he or she deserves more than the others. Such disagreements can easily wind up in court, with family members fighting each other and costing thousands in legal fees.

With an effective estate plan, you can make certain your assets are handled the way you intended if you were to become mentally incapacitated or pass away. You can choose who will be in charge of your medical affairs, financial affairs, and even specific assets such as a small business. If a business owner doesn’t have an estate plan, state law would determine who would be in control of the business.

A big question for a small business owner is who will oversee the business if he or she becomes incapacitated or dies. A key is determining the best strategy after the death of the owner. A business succession plan is critical.

Reference: Digital Journal (Sep. 2, 2021) “What is an Estate Plan and What are its Benefits?”

Share This Post
Meeting with a client

Get Started Today

Book your Free Estate Planning Consultation Now

  • You have people you care about.
  • You want to maintain control of your life and your assets.
  • You'd like to leave a legacy.
  • You'd enjoy some peace of mind.
  • We can help.
Book a Discovery Call

Stay Up-To Date

Subscribe to Our eNewsletter

Office Locations

Omaha, NE Office

9859 South 168th Avenue,
Omaha, NE 68136

Directions

Minot, ND Office

7 Third Street SE, Suite 202,
Minot, ND 58701

Directions

Iowa Falls, IA Office

320 North Oak Street, PO Box 295,
Iowa Falls, IA 50126

Directions

Some Of The Areas We Serve

LDStrategies
Omaha, NE Office

9859 South 168th Avenue,
Omaha, NE 68136

Minot, ND Office

7 Third Street SE, Suite 202,
Minot, ND 58701

Iowa Falls, IA Office

320 North Oak Street, PO Box 295,
Iowa Falls, IA 50126

IMS - Estate Planning and Elder Law Practice Growth Advisors
Powered by
cross