Understanding Your Estate Planning Options
Estate planning can feel overwhelming, especially when you’re sorting through offers from different attorneys or online services. Knowing what each package includes—and what it might be missing—can help you make smarter decisions for your future and your family’s security. Let’s break down common estate planning tools and what you should expect when working with an experienced attorney.
What a Will Package Should Include
A basic will is an essential part of estate planning, but it’s not the whole picture. A comprehensive will package usually includes more than just the will document itself. For example, a durable power of attorney is important because it remains valid if you become incapacitated and unable to manage your affairs.
Additionally, a medical power of attorney allows someone to make healthcare decisions on your behalf if you can’t. This can be critical if the person making decisions isn’t a close family member or if there might be disputes among relatives. Including a HIPAA disclosure form is another key component, as it authorizes your representative to access your medical information when needed.
Without these supporting documents, a simple will doesn’t fully protect your interests or ease the concerns about what will happen if you become unable to speak for yourself.
Why Trust Planning Requires More Attention
Trusts are a powerful estate planning tool, but they come with additional complexities. Creating a trust involves multiple documents and steps beyond just drafting the trust agreement. An experienced attorney will guide you through how to correctly fund your trust—that means properly transferring assets like property and bank accounts into the trust’s name.
This process often includes preparing deeds, transfer documents, and coordinating with banks or financial institutions to ensure the trust is recognized as the beneficiary. Without these steps, a trust might not work as intended when it’s needed most.
Just like with a will, trusts require supporting documents such as a durable power of attorney, medical power of attorney, and HIPAA release forms. A trustee managing your trust may need the authority to handle financial matters and communicate with medical providers if you are incapacitated. These documents provide that legal authority.
Choosing the Right Estate Planning Approach
Deciding between a will and a trust depends on your personal situation, the size and type of your assets, and your goals for how your estate should be handled. Both options have advantages and drawbacks, which is why it’s essential to have an attorney explain these nuances and help you tailor your plan to your needs.
Relying on generic online packages or incomplete offers can leave you vulnerable to unexpected complications during difficult times. Proper estate planning is about more than just preparing documents—it’s about creating a clear, legally sound plan that provides peace of mind.
Affordable Legal Guidance for Your Estate Planning Needs
If you’re ready to review your estate planning options or want to make sure your current plan is complete, 420.Law is here to help. Call us today at (918) 932-2879 to schedule an affordable consultation. Our experienced attorneys can guide you through your options, answer your questions, and help you build a plan that protects you and your loved ones.