When it comes to estate planning, it’s crucial to ensure that all of your assets are looked after and that your wishes are honored after your passing.
Creating an estate plan can seem overwhelming, but it doesn’t have to be. Here are some of the key elements that should be included in any comprehensive estate plan:
Your will outlines who will receive your assets after you die. Additionally, you can use it to designate guardians for young children or animals as well as an executor to oversee the distribution of your assets per your wishes.
If you become incapacitated and cannot express your wishes, it is crucial to let your family know what kind of medical care you would prefer. This includes whether you would like life-sustaining treatments such as CPR or a feeding tube.
Power of attorney (POA)
A POA allows someone else to act on your behalf in financial matters if you become incapacitated or unable to make decisions for yourself.
Trusts are legal entities created for the purpose of holding assets on behalf of another person or organization. People often set them up for tax planning purposes, asset protection, or even just to simplify the transfer process after death.
Having an estate plan will give peace of mind to you and your family during a difficult time. And, it gives you the assurance of knowing that your wishes will be respected after you pass away. Having someone guide you through the process will help ensure that everything goes smoothly when the time comes.