Estate Planning Is More Than Just A Will
When people think about securing the financial future of their loved ones, the first thing that comes to mind is the formalization of a will, but they hardly know there are many other options to choose from. In Rhode Island, there are many Estate Planning alternatives, and trying to decide on the one that suits you best can often feel overwhelming.
Look at Your Options
Nobody can deny that a will is an excellent mechanism to assure the transmission of your property according to your wishes; however, it has some limitations on the ways that estate can be divided and usually involve a probate phase.
For example, a trust does not entail a probate phase and has many other estate planning benefits to offer, such as:
More control on when, how, and to whom assets will be transferred
Applicable to any type of asset
More flexibility in agreeing to terms and conditions
It’s Revocable nature
Can be effective before the death of the grantor
Power of Attorney Option
Another great idea when considering your estate plan is the granting of a sufficiently broad power of attorney for someone to make financial decisions on your behalf, preventing any unfortunate future where you are not capable of making these decisions by yourself and must rely on a trustworthy and friendly face. A power of attorney may also be useful when you allow your agent to make business decisions on behalf of your early business retirement.
It is also possible to issue a document of “advanced medical directives” stating your intentions regarding life support or what to do with you in case extreme measures to keep you alive were required anticipating critical decisions regarding your medical care.
Know Your Options
One of the most common ways of estate planning happens with your bank or investment accounts and any life insurance policies that will force you to appoint a beneficiary to receive your funds in the event of your death.
There are many effective estate planning mechanisms to choose from besides a typical will; however, they are compatible with each other. Different estate planning tools have various advantages. It is not possible to affirm one is “better” than the other because it will mostly depend on your financial situation and general living conditions.
We Can Help with Your Estate Plan
The Law Offices of Howe and Garside, LTD have years of experience in estate planning and will do everything we can to help you make the right decisions for your best legal outcome. Our attorneys will assess your legal concerns and handle your case with the attention it deserves. Contact us today or use our online contact form to schedule a free consultation.
The Law Offices of Howe and Garside, LTD provides highly-experienced legal solutions in Newport, Lincoln, Middletown, Portsmouth, Warwick, Greenwich, Kingstown, Tiverton, and the surrounding Rhode Island communities.
55 Memorial Blvd. Suite 5
Newport, RI 02840