A Guide to Five Popular Estate Planning Tools

Most people know what a will is and why it’s important to have one, but many are less aware of the myriad of other estate planning tools at their disposal. At Solan, Park & Robello, we are passionate about helping our clients create estate plans that are perfectly crafted to their unique situations. To that, we use many tools that go beyond the simple Last Will & Testament, and today we want to tell you about a few of them that you may find useful.

1. Durable powers of attorney

Powers of attorney are used to grant another person, called an agent, the authority to make decisions on your behalf regarding your finances and/or healthcare. When durable, powers of attorney can continue to be used if you become incapacitated and can no longer tend to these things yourself.

2. Trusts

There are lots of different kinds of trusts such as pet trusts, gun trusts, charitable trusts, asset protection trusts, and trusts for minors. Essentially, a trust is a fiduciary arrangement in which a trustor appoints a third party, called a trustee, to hold assets on behalf of a beneficiary. 

3. Business succession plan

If you own all or part of a business, you will need to make arrangements for how it will be handled once you are gone. Who will own it? Who will run it? A business succession plan answers these questions.

4. Living will

A living will states your intentions for how matters should be handled if you are no longer able to tell others what you want. For example, if you were unconscious and being kept alive by machines, would you want to be unplugged? Do you want to be resuscitated if you are close to death?

5. Life insurance

If you are the breadwinner of your family and they would suffer major financial losses in your absence, it may be wise to take out a life insurance policy. This can protect your family from financial turmoil if something unexpected befalls you.

Who can help me utilize these tools to make a plan that’s right for me?

The Solan, Park & Robello team is here to help. We have extensive experience creating estate plans that give our clients the peace of mind they desire and the protection they need. If you’re ready to start your estate planning or update an existing plan, contact us today.

The following two tabs change content below.

Solan, Park & Robello

Solan, Park & Robello is a full-service probate and estate planning firm offering experienced counsel in a wide range of estate planning matters—from preparation to administration to litigation.

Latest posts by Solan, Park & Robello (see all)

%d bloggers like this: