Top Questions People Ask About Estate Planning

Estate planning can feel overwhelming, and many people have similar concerns when starting the process. To help, we’re addressing the top two questions people commonly ask about estate planning.

1. Do I Really Need a Trust?

Trusts are often misunderstood. While not everyone needs one, trusts can be a powerful estate planning tool. A trust allows you to manage your assets during your lifetime and control their distribution after your death. Unlike a will, a trust can avoid probate, saving time and costs for your beneficiaries.

Trusts are especially beneficial for:

• Protecting assets for minor children or family members with special needs.
• Managing complex estates with significant property or business interests.
• Ensuring privacy, as trusts do not become public records like wills.

An attorney can help you decide whether a trust fits your unique circumstances and goals.

2. Who Will Make Decisions for Me If I’m Incapacitated?

One critical but often overlooked aspect of estate planning is preparing for incapacity. If you are unable to make decisions due to illness or injury, who will handle your medical and financial matters?

Two essential documents address this issue:

• Durable Power of Attorney: Designates someone to manage your financial affairs if you become incapacitated.
• Advance Healthcare Directive: Specifies your medical care preferences and names a trusted individual to make healthcare decisions on your behalf.

Having these documents in place ensures your wishes are respected and avoids placing unnecessary stress on your loved ones during a challenging time.

Take the First Step

Addressing these questions is a great starting point for creating a comprehensive estate plan. While the process may seem daunting, it’s ultimately about protecting your loved ones and ensuring your wishes are honored. An experienced estate planning attorney can guide you through the process, tailoring your plan to meet your specific needs and goals.

Cannon Legal Firm is dedicated to helping you with your Estate & Trust Planning, Administration, and Litigation matters. The legal process can be overwhelming and exhausting. I’m here to guide you through the core process of estate and trust planning, administration, and litigation issues and take some of the burdens off your shoulders so you can focus on what matters to you.