If you have recently crafted an estate plan with an estate attorney or have updated your will, a hearty congratulations goes out to you. A holistic financial plan includes a plan of succession.

If not, let's get started.

Estate planning requires us to do something today to prepare for something that hasn't happened yet. Without a plan, your loved ones will be forced to guess your intentions against the backdrop of an already difficult situation. Even if potential heirs are on good terms, money has a way of creating divisions.

KEY TAKEAWAYS

• Common estate planning documents include wills, trusts, powers of attorney, and living wills.
• Everyone can benefit from having a will, no matter how small their estate.
• Online estate planning services offer basic packages for less than $200 (more in a moment).
• Estate planning attorneys can cost several hundred dollars per hour.
• Estate plans must be updated after significant life events.

What is a will? It is a legal document stating how you want your executor (the person legally obligated to administer your estate) to distribute your assets after you die. Your estate will go through probate, the legal process for reviewing the assets of a deceased person and determining who inherits what, whether you have a will or not. If you have a will, it ensures the executor will honor your wishes. A will lists your assets, bank and brokerage accounts, property, and more. Without a detailed document, potential heirs may be forced to search for assets spread across states and even countries. Do you have designated beneficiaries for various accounts, such as IRAs? The beneficiary designation trumps the will.

What is a living will? It is written, legal instructions stating your preferences for medical care if you are unable to make decisions.

What is a trust? A trust is a legal contract that allows another person (the trustee) to hold property for you (the grantor). This is typically so the beneficiaries (individuals or institutions who stand to inherit something) can use the property at some point in the future.

What is a living trust? You create a living trust to hold assets before and after your death.

What is a testamentary trust? It is a trust created by the will and only becomes effective after the grantor's death.

POWER OF ATTORNEYS

A durable power of attorney enables your agent to act on your behalf if you become ill or are unable to make decisions. For example, a durable financial power of attorney allows your agent to manage your financial affairs if you become incapacitated or are unable to make decisions on your own.

A durable medical power of attorney allows you to appoint someone to make decisions about life-prolonging care, treatment, services and procedures.

DIY HAZARDS

Talking to a representative at Home Depot about your next painting project is commendable. Do-it-yourself (DIY) estate planning is cheap. It's hard to argue against cheap unless you make unwanted mistakes that invalidate your wishes. Estate planning is complex, and it helps to have professional advice. Saving a few dollars today can cost your heirs pain and anguish that could have easily been avoided.

PREPARE YOUR HEIRS

You don't have to divulge the details, but informing beneficiaries opens the financial lines of communication, reducing the odds of a contested will. In addition, it promotes family unity at a time that can be exceedingly difficult. Surprises breed resentment, and resentment may lead to unwanted consequences.

We recognize that estate planning is a personal process. In some cases, you may feel overwhelmed, especially if you have a large family, a blended family, or a family that has gone through separations and divorce.

Our objective is to initiate a dialogue, assist you in developing a plan, or motivate you to revise an existing one if the need has arisen. Failure to act puts your legacy at risk.

We are always available to address any questions you may have. Buska is also now offering Estate Plans. Visit our Estate Plans page to learn more about this new service.

Advisory services are offered through Buska Wealth Management, LLC, an SEC Investment Advisor. Insurance products and services are offered through Buska Retirement Solutions, Inc., an affiliated company. Tax services are offered through Legacy Tax Solutions, LLC, an affiliated company. Estate planning services are offered through Estate Guru. Buska Retirement Solutions, Inc. and Buska Wealth Management, LLC do not offer tax planning or legal services but may provide references to tax services or legal providers and may work with your attorney or independent tax or legal counsel. Please consult a qualified professional for assistance with these matters. You should always consult with a qualified professional before making any tax or legal decisions. Buska Retirement Solutions, Inc. and Buska Wealth Management, LLC are not affiliated with or endorsed by the Social Security Administration, the federal Medicare program, or any other government agency.