An easy way to understand estate planning is to look at it from a different angle. A cookie and its ability to transform into different flavors is an example of a way of understanding the concept of estate planning. It may sound crazy, but below are two flavors of cookies and some explanations of how these flavors connect with estate planning.
Sugar cookie- A sugar cookie is a classic cookie and a staple in the cookie family. It tastes sweet and delicious. However, because there are no toppings, it keeps you wanting more. An example of a “sugar cookie” estate plan is an estate plan with the basics:
Durable power of attorney
Health care surrogate designation
Chocolate chip cookie- A chocolate chip cookie is rich and flavorful. Unlike a plain sugar cookie, a chocolate chip cookie has toppings. The toppings are especially important for the cookie to enhance the flavor; however, you are not limited to just one. You can add white chocolate chips, sprinkles or any other toppings you desire. An example of some toppings for an estate plan include,
Charities as beneficiaries
Life insurance information
Sometimes it is difficult to grasp the true importance of creating an estate plan. We hope this example made it easier to understand what to include in an estate plan. For any questions, don’t hesitate to contact Lauren Richardson Law, PLLC.