Have you ever thought about what would happen if you became incapacitated or died? What would happen to your home and other assets? Do you have a will and does your spouse know what your final wishes are? These are very difficult questions for most of us to talk about but think about how difficult these questions would be if your family was left to deal with them alone. An estate plan is a set of legal documents that will make sure that your final wishes are taken care of.
An estate plan allows you to:
- Designate someone who will manage your estate
- Name a legal guardian for your child
- Choose how and when your heirs will receive your assets
- Reduce estate taxes and administrative fees
- Provide for a succession plan or sale of a family owned business
Estate planning can be complex at times so it is advisable to seek advise from a competent lawyer specializing in Estate Planning. Some items you will want legal assistance with are:
- Prepare a will so that your assets transfer to your loved ones
- Check to make sure your accounts are titled properly
- Have a durable power of attorney so someone can make financial decisions in case you are unable to
- Draft a living will/health care directive to remove the burden of difficult end of life decisions from family members
- Make sure you have designated beneficiaries properly for your accounts
- Setup a trust for the transfer of assets, to cover estate taxes, and for the benefit of minors
Creating a will on your own can be a duanting task so it is wise to have your legal documents reviewed by a firm such as LegalZoom Reviews. Creating a complete estate plan provides you with the knowledge that your wishes will be carried out and your family and loved ones will not have to deal with these difficult issues alone.
Do you have common Estate Plan documents such as a will, durable power of attorney or living will?