These days, the basic will simply won’t cut it for the vast majority of people approaching their estate plan. This is especially true for those individuals who have amassed wealth over the course of their lifetime.
A comprehensive estate planning strategy includes multiple components beyond planning for your assets to be passed on to another generation. For example, it would also include consideration of your philanthropic goals. In conjunction with your will, estate planning strategies and your philanthropic goals should all be included.
The right estate planning lawyer can help you determine what should be incorporated into your estate plan. The good news is that your goals can be directly aligned with the documents and tools you use to plan ahead for your future. You can think carefully about your own retirement planning and your estate planning intentions so that things will be as easy as possible for your heirs.
Estate planning should always also look at your goals for while you’re living, too. Too many people focus just on what will happen to their assets after you pass away, but you can also construct documents with your plans for while you’re still alive, such as your healthcare materials to allow someone else to make decisions for you if you become unable to do so. Your power of attorney documents, for example, can give you peace of mind that someone can step in on your behalf if you become incapacitated.