Published on 19, Jun 2023

Which Estate Plan is Best For You?

Creating an estate plan is the first step towards building a more secure future and the last step in ensuring that your final wishes are properly fulfilled. But what is an estate plan? Despite how powerful and resourceful they are, many people haven’t heard of them. Estate planning refers to the process to manage your assets and life preferences in the event that you are incapacitated or pass on.

Estate plans include creating a Last Will, establishing Trust, capturing medical preferences in Living Will, and outlining the details for a power of attorney for the property and assets management if it should ever be needed. By having an estate plan, you can secure your most precious relationships and have a plan that closely aligns with your values and faith.

To further break down what estate plans can do for you, let’s talk about the common aspects.

Wills and trusts are related to wealth, fulfilling debt obligations, and protecting your inheritors from any fallout.

Living will is about your preferences regarding medical treatments as well as organ donations and/or transplants in case you can no longer make decisions on your own.

Power of attorney outlines your affairs and how people should act on your behalf. This is also referred to as a “healthcare proxy”.

Belief and faith ensure that the deeply rooted values you hold dear are considered and respected from beginning to end.

For many, estate planning is tied into their core belief system, such as the Halacha Will based on Jewish inheritance law and Islamic Wills for Muslim succession law.

While every estate plan comes with features and necessities that appeal to different people, never compromising your values is important.  This isn’t just a form-filling process; it’s more than that. Being able to create an estate plan is to embrace the beauty of life while also making moves to protect you and your family against the unpredictability of death.

Start with the basics and start making your plans as early as possible. You’ll be able to make modifications whenever you need, so you’re not locked into a single estate plan should you desire a chance. Reach out to the expert at Wassiyyah to discuss your options and learn more about how you can take the first step on your estate planning journey.

The information in this article is not intended for investment, tax, legal or financial advice.