This blog recently addressed the importance of updating an estate plan but, of course, of at least equal importance, is setting up an estate plan. One of the most basic and foundational components of an estate plan is a will and drafting a will is important but there are also a host of other concerns for the estate planner to address.
The estate planning process can serve as a guide for estate planners and their families to ensure all of their important concerns are taken care of. It can help with everything from drafting a will to the probate process. Knowing how to both expedite and minimize the costs of that process is helpful. The estate planning process can help draft and execute a will that is valid; with a power of attorney; and with selecting a personal representative or addressing guardianship concerns.
There may also be important concerns that need to be addressed in the probate process related to probate administration responsibilities for the personal representative, notification of beneficiaries and creditors, sale of property and distribution of assets when the estate is closed. Additionally, will contest concerns can come up in this process if a will is disputed, making it important to know who can dispute a will and when a will can be disputed.
Estate planning is important for everyone which is why everyone should know how to develop an estate plan and carry it through. Estate planning impacts everyday issues and concerns for estate planners and families who want to know their loved ones are cared for and protected. Familiarity with estate planning tools can help provide that peace of mind to estate planners.