Are you trying to get started with your estate plan? A will, trust and other legal documents can help you organize and instruct how your assets are managed after you pass away. While the main focus of estate planning is to help ensure your loved ones experience a minimum of difficulty when it comes time to settle your estate, there is a lot more that estate planning can do.
To help ensure you include everything in your estate plan, here are some important aspects that you may consider:
A will
A will is the main document included in an estate plan. This legal document includes a list of named beneficiaries, such as a spouse, children, siblings, friends or charities you wish to benefit from your estate.
An executor
Your will should also include your nomination for the executor of your estate. The purpose of having an executor is to help ensure someone can settle your estate by paying debts, caring for assets and dispersing assets to beneficiaries.
Trusts
Trusts are no longer just a tool of the uber-wealthy. You can protect your assets and help ensure your beneficiaries receive assets in full immediately without being taxed or being delayed by probate by using a trust.
Powers of attorney
You can name a power of attorney in your estate plan so that someone can make important decisions on your behalf if you suffer from a medical condition. A power of attorney can manage finances and health care decisions in your best interests.
While this list can help you include everything you need for an effective estate plan, it is not an extensive list. You should reach out for legal help to learn more about your estate planning options.