What Is an Estate Plan and Why Do You Need One?

When most people hear the phrase “estate plan,” they assume it’s only for the wealthy or elderly. But the truth is, an estate plan is for everyone - regardless of age, income, or family size.

An estate plan is a collection of legal documents that lay out your wishes in the event of your death or incapacity. It gives you a voice when you’re no longer able to speak for yourself and protects the people you care about most. Whether you’re heading off to college, just starting your career, raising a family, or enjoying retirement, having a plan in place can give you and your loved ones peace of mind.

What’s Included in an Estate Plan?

Every plan should be tailored to your specific needs, but most include a few essential documents:

• Last Will and Testament – Names the people or organizations you want to receive your assets when you pass and allows you to appoint a guardian for your minor children.

• Revocable Living Trust – A tool that can help you avoid probate, maintain privacy, and manage your assets during your lifetime and after.

• Durable Power of Attorney – Names someone you trust to handle your finances if you’re ever unable to do so yourself.

• Advance Directive (Living Will) – Outlines your healthcare preferences in situations when you can’t communicate them.

• Healthcare Power of Attorney – Names someone to make medical decisions on your behalf if you’re incapacitated.

Why Is Estate Planning So Important?

Without an estate plan, decisions about your care and your property could be made by a court instead of you or your loved ones. This often leads to delays, added expenses, family disputes, and outcomes that may not reflect your true wishes.

Here’s what a well-prepared estate plan can do:

• Protect your family by making your intentions clear.

• Avoid probate and minimize court involvement.

• Reduce stress and confusion during already difficult times.

• Ensure your healthcare and financial affairs are managed by someone you trust.

Whether you’re heading off to college, just starting your career, raising a family, or enjoying retirement, having a plan in place can give you and your loved ones peace of mind.

Let’s Make a Plan That Works for You

Creating an estate plan doesn’t have to be complicated or overwhelming. At True North Law Group, we walk you through each step, explain your options in plain language, and help you build a plan that fits your values and priorities.

Whether you’re starting from scratch or need to update an old plan, we’re here to help. Contact us today to schedule a complimentary consultation and take the first step toward protecting what matters most.