Developing your estate plan doesn’t have to be complicated and even though there can be several parts of your plan, a basic plan will start with five key elements. It is important to have an estate plan and to regularly review and update your plan as your personal situation changes. Your estate plan is really the only way for you to be certain that your wishes are followed if something unfortunate happens to you.
- A will – this ensures that your final wishes will be followed and that you allocation of your estate goes the smoothest and fastest possible.
- Financial power of attorney – this is important if you are no longer able to make financial decisions on your own. The person you designate will help you keep your financial situation under control.
- Health care power of attorney – there may be times that you can’t make health decisions for yourself. This is the person you want to step in, and can include instructions on end of life decisions, in the even try are incapacitated.
- Beneficiaries names on assets – if you don’t keep this updated, you money might not go as you intended for it to be distributed. This is often the case when we don’t information when our family situation changes.
- Guardians for underage children – in the event that children under the age of 18 lose both parents, having established guardians is extremely important so that your children can be taken care of properly.
- Life insurance – often this financial product is important sot that you have the money to fund the trust you might want to have established for younger children.
Your situation might be more or less complicated than the normal situation. You should always seek a professional when establishing your estate plan and any individual components of your plan. Starting and maintaining an estate plan is a critical financial step for everyone regardless of their family or financial situation.
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