Estate planning is often about control and protection: Generally, people want to ensure that they maintain control of their assets while they are living as well as protect their assets as much as possible.
Depending your age and individual circumstances, revocable living trusts or irrevocable trusts are commonly used to achieve your desired level of asset protection and asset control. However, a solid asset control and asset protection plan needs to include much more.
A good estate plan should also include a Last Will and Testament, Power of Attorney, Healthcare Power of Attorney, Living Will, and HIPAA Authorization. It’s also important to ensure that all of your beneficiary forms for retirement plans and life insurance are up to date and filed with your plan administrator.
With proper planning, you control who gets your assets as well as when and how they will be distributed. Estate planning gives you that control and can provide protection for you and your family.