Estate planning allows you to decide who will receive your assets once you pass on. Unfortunately, it's not uncommon that some people ignore this critical part of their financial plan. Your potential heirs would find it challenging to navigate the process without a plan. Estate planning is a critical process with many factors to take into consideration. Don’t navigate this process alone. Work with a skilled estate planning financial advisor.

Are you looking to get things right with your estate plan? Regular review is vital. For example, you want to ensure it's in line with the federal and state laws. These laws evolve, and it's important to keep everything updated. You also want your estate plan to cater to other issues like your personal motivation and financial situation.

Many people may not think of long-term care until they need it. The truth is that this is necessary for many individuals at some point. According to the U.S. Health and Human Services Department; approximately 60% of people aged 65 and more should expect long-term care.

It could be in-home care, assisted living, or nursing homes. If you're looking to protect your assets, it's best to find the appropriate solutions for your long-term care.

Are you divorcing? This can impact different areas of your life, including estate planning. You may want to review it immediately after divorce for the following reasons:

• Divorce settlement or judgment stops your former spouse's particular rights. You need to amend some documents to ensure they won't get underserved benefits.
• Most strategies in your original legacy planning might have centered on your spouse
• You don't want your ex-spouse to gain control of your assets.

The last thing you might want to think about after the death of your loved one is probate. While it shouldn't be a challenging process, you want to understand everything. This will ensure your heirs won't go through stress and anxiety. Here are ways you can avoid probate:

• Create a living trust
• Own property jointly
• Distribute your property
• Consult with a financial advisor

If you're looking to minimize taxes on your estate plan, here are some strategies to consider:

• Max out your employee benefits and retirement accounts
• Create a Health Saving Account (HSA)
• Claim tax credits
• Consider municipal bonds investment.

What Is the Difference Between Will and Estate Planning?

Estate planning is an inclusive plan whereby the documents can take effect during your lifetime while others won't be effective until death occurs. The documents stipulate who can receive your assets after death and make financial and healthcare decisions on your behalf during your lifetime.

A will outlines who will receive your assets after death and specifies other wishes you plan to take effect after your passing. 

When Should I Start Estate Planning?

Estate planning is a critical part of your wealth that you should keep in mind throughout your lifetime. Most financial experts will tell you to begin estate planning as soon as you reach legal age. It is best practice to update your will every 3 to 5 years. 

Who Needs an Estate Plan?

Anyone looking to save their surviving loved ones from unnecessary heartaches should consider estate planning. It ensures stress-free wealth transfer to the preferred heirs.

What should be included in Estate Planning?

An estate plan includes various documents such as:

• Identity documents
• Power of attorney (POA)
• Revocable living trust
• Last will & testament and more.

Consult an Experienced Financial Advisor

While estate planning can be straightforward, you want to avoid common roadblocks. The best way to navigate this process is by working with a qualified financial advisor.