An estate planning lawyer is the expert that can help you to protect your family's financial future. According to Advance Capital Management, about 49% of people surveyed feel that they do not have enough assets to worry about estate planning. The fact is, no matter how large or small your estate is, you need an estate planning lawyer to help protect your family's financial future.

There are five components at a minimum that every estate plan should include. These basic components are the foundation of an estate plan.

The Will

The first and most common component of an estate plan is the will. The will provides directions to the decedent's family or others about what to do with their property. This legally binding document is important because if you have children, it allows you to name a guardian for the children.

When someone dies without a will, the probate court decides how property is distributed.

A Trust

A trust is similar to a will in that there is a beneficiary named. However, a trust is not the same as a will. A trust is set up to prevent probate. It is often used for cash accounts, businesses, and other tangible property.

POA, Power of Attorney

Your estate planning lawyer may suggest that you assign someone as your power of attorney. An “attorney in fact” can make a wide range of decisions for you, from health care treatments to selling your home. A POA can be limited for specific reasons like registering your car, making health decisions, or for specific transactions. It can also be unlimited, which means that your attorney in fact can act on your behalf as a proxy when you cannot be there in person.

DNR and Other Directives

Your estate planning lawyer can help you to set up medical directives. These documents will allow you to let your wishes known should you become incapacitated and unable to discuss your wishes with a doctor or hospital.

Designating Beneficiaries

When managing estate planning, it is a good time to designate your beneficiaries for retirement. Your estate planning lawyer can help provide directions on how to set up your life insurance, retirement accounts, and more.

Connect with a trusted estate planning lawyer today to have all your questions answered and make an appointment to secure your family's financial future.