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Most adults understand the basic premise of a will. Dividing your possessions among your family members and business partners has become a common and fairly straightforward process.

While your will is undeniably important, it does not constitute the only measure you can take to provide for your family, business or another beneficiary in the event of your death. In fact, estate planning encompasses many legal options.

In this post, we discuss several of the most common forms of estate planning as well as the benefits of an effective plan.

Common Components of Effective Estate Planning

At its most basic level, your will lists your property and designates which person or organization receives a particular piece of property after you pass away. Many additional estate planning measures, including trusts, which we’ll discuss below, can be included in your will. Others, like life insurance, do not fall under your will.

Below, we list several of the most common estate planning measures:

Your estate plan can also include who you would like to execute the plan, typically your lawyer or a trusted family member.

Reasons to Prioritise Complete Estate Planning

Complete, savvy estate planning has numerous benefits, especially for your loved ones. Early and effective planning allows you to do the following:

Not sure how well you’ve planned? Discuss your current plan and what you would like to add with your lawyer.

Estate planning represents one of the most important measures you can take to ensure that your hard work pans out as you would like it to over time. Consider adding any combination of the components listed above to improve your current plan.

Whether you don’t currently have a will or you have the beginnings of a solid estate plan, consult with a professional from Ramsden Lawyers to determine your best next step.