Four Key Elements of Estate Planning

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Four Key Elements of Estate Planning
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• The way you make plans for the future necessarily
  changes over time. Early on, your plans might be
  all about investments, career growth, and more.
  Later, the time comes to think about how to
  steward the estate youve created. Its an
  essential step for you and your family. Now could
  be the right time for you to begin exploring
  effective estate planning in Edmonton.
• What do you need to know? What steps should you
  take? Working with Will lawyers in Edmonton can
  steer you in the right direction. First, though,
  you should consider what youll need to do along
  the way.

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• Define the details of your Will
• The last Will and Testament is the most
  fundamental part of estate planning. It sets out
  your instructions about who should receive
  proceeds from your estate and in what amount. A
  detailed and well-written one helps to reduce
  conflict between heirs and streamlines the
  distribution process. Having a Will on file also
  simplifies elements of the probate process for
  your family, avoiding adding unnecessary
  additional stress to loved ones during a
  challenging time.

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• Designate someone to hold power of attorney
• Theres no guarantee that you will always have
  the capacity to make important decisions for
  yourself regarding your assets, such as real
  estate. If you become incapacitated, it may take
  a court order for a family member to receive
  permission to take specific actions. With an
  enduring power of attorney that becomes active
  when you lose capacity, you can empower a trusted
  family member to make crucial financial decisions
  even when you cant.

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• Consider crafting a Personal Directive for your
  healthcare and personal decisions
• Just as you may not always have the chance to
  make decisions about your finances in the future,
  the same is true for your healthcare and other
  personal decisions. If you have specific wishes
  youd like carried out regarding your healthcare
  and personal life, you should consider creating a
  Personal Directive. Most often, Personal
  Directives concern decisions surrounding life
  support and critical medical decisions in the
  event of severe health problems. Personal
  Directives can also be written to indicate where
  you wish to live and who you wish to associate
  with.

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• Explore the creation of a trust for your estate
• Setting up your assets in a trust can simplify
  the probate process for your family after you
  pass away and can also be tailored for unique
  situations while you are living. A trust holds
  your assets and facilitates transfers between you
  and your family members. Unlike a Will, which
  only discharges your assets upon death, you can
  transfer trust assets to others during your
  lifetime. This transference makes trusts a
  valuable and flexible tool for effective estate
  planning. Will lawyers in Edmonton can assist you
  with drawing up the documents and structuring a
  trust that makes sense for your estate.

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• Finding help with your estate is easy
• With proper estate planning, Edmonton families
  can enjoy the peace of mind that comes from
  having a plan in place. In the future, you can
  trust that all the appropriate guardrails and
  directives will support you and your loved ones.
  Consider speaking with Lypkie Henderson today for
  friendly and experienced assistance in planning
  your estate.