Who needs an estate plan? All people, including young adults, seniors, single people, and people with families, can benefit from an estate plan. While these groups may benefit differently from certain aspects of an estate plan, it is important that all people have a clear plan for their estate.

Estate plans typically include a testamentary instrument, such as a last will and testament, or a trust, and health and financial powers of attorney. What comprises a person’s estate plan can vary based on their specific needs and circumstances. Any estate plan should answer the following questions:

Who cares for you?

Designating someone to serve as your financial and health power of attorney, and guardian and conservator, if necessary, ensures that someone of your own choosing makes decisions for you if you become incapacitated.

Who cares for your children?

Nominating a guardian, which is the protector of the person, and a conservator, which is the protector of financial resources, for your minor children or children with special needs assures that the courts know exactly who you choose to take care of your loved ones.

Who manages your estate once you have passed away?

Nominating a personal representative or trustee to manage your affairs makes sure that someone you trust will manage your estate and follow your estate plan in accordance with your wishes.

Who receives your assets and how are those assets are received?

Selecting the people or charities who will receive the gifts from your estate and determining whether those gifts are distributed right away or held for future distribution ensures specific life circumstances of each beneficiary of your estate are fully considered.

Most of these issues impact people regardless of age or wealth. Everyone must determine who will care for them and who will benefit from their assets once they have passed away. The goals of an estate plan are to reduce uncertainty, mitigate risks, and ensure the efficient transfer of assets to beneficiaries. Having a meaningful estate plan allows you to confidently answer the above questions and alleviate potential risks and uncertainties for your loved ones after your passing.

Mark Matulka assists people with estate planning and estate administration. Mark can be reached at (402) 397-2200 or matulka@eslaw.com.