Many people incorrectly assume that estate planning is all about writing a will to express their wishes to family after their passing, but that is not entirely true. Even if you keep your will updated after major life events, there are additional steps to consider to ensure your estate is well planned and covers all necessary elements. Working with an estate lawyer in Edmonton from Lypkie Henderson can help you achieve that goal with confidence. There are complex decisions to make about your life and your estate, and a lawyer supports you in more ways than only with will-writing. What are some of the other legal tools you can access with a lawyer’s help?

The Importance of the Will

Let’s be clear about one thing first: while it isn’t the only element of estate planning, having a clear and ironclad will is still very important. If a loved one dies intestate, a family can face a longer and harder road that also leads to a greater likelihood of conflict between family members. Dying without a will can lead to challenges in handling the probate process, asset distributions, claims against the estate and more, leading to lengthy legal processes in court that also add further expenses to your family’s concerns. With a proper will, you can make plans for distributing assets, naming your executor, how to provide care for surviving minor children and more. However, there are many areas that wills don’t cover, such as incapacity that occurs during your lifetime.

Planning for Incapacity in the Future

If you lose the capacity to make decisions for yourself, either due to a decline in mental faculties or a severe health crisis, it’s important to provide your family with tools for managing decisions you can no longer make on your own. For example, granting a power of attorney that comes into force when you lose capacity gives a loved one or trusted individual the right to make financial decisions on your behalf. Personal directives come into effect at approximately the same time. Yet, they differ in that they apply specifically to decisions about your medical care and other personal matters. By having a POA and a personal directive in place before any incapacitating event, your family can avoid the difficult process of applying for trusteeship over your affairs in the courts. With an experienced lawyer, you can draft these documents in ways that align with the law and your wishes.

Planning for Trusts

Trusts are a valuable tool for many families, not just for individuals who are very wealthy or have large, complex estates. Trusts can help you protect your family and provide for better outcomes after you pass. For example, a trust helps safeguard inheritances for minor children or grandchildren, ensuring they remain independent from the estate and can pass to those individuals at the proper time. Likewise, trusts can prevent individuals without sufficient financial literacy from misusing their inheritances, instead creating opportunities for long-term support. If you have a new spouse and children from a previous relationship, a trust helps ensure that your new spouse is taken care of, and also provides an inheritance to your children.

With a lawyer’s help, you can also set up trusts that can continue to provide for the care of a disabled loved one without the possibility of putting their disability benefits in peril. There are many kinds of trusts and use cases, and a lawyer can show you how to understand them and create trusts that provide the best benefits for your family.

Designating Beneficiaries

Some assets can pass directly to your beneficiaries without going through the will or the probate process. These assets include life insurance payouts, retirement accounts, and other similar holdings where you can designate a specific person to receive the payout upon your death. It’s vital to ensure you’ve properly designated beneficiaries for these assets well in advance. With a lawyer’s assistance, you can coordinate these choices in line with the decisions you’ve made elsewhere in your estate planning. Since there can be a lot of paperwork to keep track of, a lawyer can also help you keep those designations up-to-date so they do not fall under the administration of your estate.

Build a Complete Plan Today

As we’ve seen, estate planning truly is much more than just writing a will and calling the job finished. From personal directives and powers of attorney to the different kinds of trusts, many estate planning tools can help you achieve peace of mind and deliver better outcomes for your family. Consider reaching out to our team today. With an estate lawyer in Edmonton from Lypkie Henderson, you can enjoy a knowledgeable resource with answers to your questions and guidance on how to structure your estate for the outcomes you desire.