Many people put off their estate planning. It’s important to carefully plan out your estate ahead of time so that you have full control over how your affairs are handled. We’ve taken the time to compile a list of common estate planning needs to help you get started with your planning.
If you have any questions about the following information, or if you’d like to get started with your estate planning, consult with a qualified estate planning attorney.
- Have you outlined how you’d like your assets to be distributed after your death? It’s important to carefully make this decision so that the right people are given your assets. With an estate plan, you are able to make this decision. If you don’t properly plan, your assets may be given to your heirs based on your state’s intestacy laws.
- Do you have an incapacity plan in place? If you ever become incapacitated, you want to make sure that your medical wishes are followed. With the help of a living will, you can make sure that your treatment and procedure preferences are respected. You can also create a healthcare power of attorney to appoint an agent who will help make decisions on your behalf and ensure that you’re receiving proper medical treatment.
- Do you have a plan in place for the care of your children? You will want to do your estate planning so that you can appoint a guardian for the care of your children. You will also want to make sure that your children have enough assets to survive. You can leave your assets in a trust and make sure that a trusted helper is named to manage the funds on behalf of your children.
- Will your loved ones be able to survive if they lose your income? Part of your estate planning involves obtaining enough life insurance protection. If you have a spouse and children, they probably rely on your source of income to survive. Without life insurance, they may struggle trying to pay debts and regular expenses. It’s important to have enough coverage.
If you haven’t taken the time to think about your estate planning needs, now is the time to do so. If you’d like to begin to work on your estate plan, consult with a qualified estate planning attorney.