If you are sitting down to plan your estate, you are doing something that so many people wait to do until it is too late. Getting this important item out of the way at a young age is very important. You will know that you are protected, your future spouse is protected and your future children are protected. The best part of an estate plan is that it can easily be modified as you experience life changes.
The beneficiary designations on your financial accounts is very important when putting together an estate plan. Every insurance policy and retirement account you have should list a beneficiary and a contingent beneficiary because these items pass outside of a will for the most part.
A health care power of attorney ensures that decisions will be made on your behalf should you become incapacitated during your lifetime. This person is typically your spouse, partner or another family member. Some people even name a close friend as such.
Picking the guardian for your children should you pass away prior to them becoming adults is very important when planning your estate. You should pick someone or a couple who share your views and who are financially stable.
A letter of intent is often overlooked when planning an estate. This is an important document because it explains to the executor of your will what you want done with a specific asset.
You should also create a durable power of attorney when planning your estate. This document gives the person assigned the power to make decisions for you regarding real estate, finances and other legal decisions.
Are you ready to put together an estate plan that will protect your future? Visit our website for more information about estate planning, wills, trusts and other legal documents that can protect you and your family.