Planning for your death can be daunting, but it is a necessary thing to do to protect your loved ones. Life is not always predictable, so it is wise to do as much planning as possible. Meet with an estate attorney promptly to discuss your goals and wishes. Here are a few things you should include in your estate plan.
A will is one of the most important legal documents in an estate plan and states how you want your assets distributed after your death. Even if you are not wealthy and have very few assets, you should still have a proper will in place. You do not want your property to get into the wrong hands. For example, if you want your vacation home to go to your oldest child, state that in the will.
If you have minor children, it is vital to include a guardianship designation in your estate plan. If you should die suddenly, you want someone you trust to look after your kids. Select a guardian who shares your parenting and religious views and is financially stable. Consider naming an alternate guardian if your first choice can't fulfill the role.
Durable Power of Attorney
A durable power of attorney gives another person permission to make financial and legal decisions on your behalf if you become mentally incapacitated.
Healthcare Power of Attorney
If you should become incapacitated, you want someone you trust to make healthcare decisions on your behalf. This person should respect the kind of medical care you want and be able to make quick decisions.
Should You Hire an Estate Attorney?
Although you have the option to create your own estate plan online, it does not mean it is the best choice. Estate planning is quite complex and the laws are constantly changing. You do not want to make errors that will cause your family members problems in the future. An experienced estate attorney can help you establish a plan that clearly states your wishes so that there is no confusion later on.
An estate lawyer can also help you make updates to your estate plan throughout your life. When you go through a major life change, such as a divorce or the birth of a child, you need to update your estate plan promptly.
If you need assistance with your estate plan, you should schedule a meeting with a qualified estate lawyer as soon as possible.