Everybody should have some sort of estate plan. But it’s something that should be tailored to your needs. Below, we’ve outlined the most important elements to add to your estate planning. Use it as a checklist when you’re ready to make your plans.
Choose a Guardian for Minors
As a parent, your children are your most precious asset. That’s why it’s essential that you name a guardian should a tragedy strike. While you may think that your nearest and dearest will step in and take responsibility for your children, it’s actually up to the courts to decide. There’s always the chance that a judge’s decision may not be who you want. It’s also a good idea to name an alternate guardian should your first choice be unable to take up the role.
Name a Power of Attorney
By naming a financial power of attorney, you can appoint someone you trust to handle your property and money should you no longer be able to. The person you name as your financial power of attorney doesn’t have to be a qualified attorney.
Note Access to Digital Assets
It’s a good idea to put in place a process where someone has access to your logins and passwords or at least knows where you keep such important information. This list should include your health insurance details, passwords for banking, address book, and even digital copies of your estate plan.
Your Health Care
List your healthcare wishes to protect yourself should become unable to make medical decisions. Health care instructions must include a power of attorney for health care and a health care declaration or living will.
A Will
Your last will and testament deal with the property to be probated. The last will also deals with minor children, who gets what property, and names someone you choose to be the executor of your estate.
Your Living Will
Also called an advance directive, your living will lays out your wishes in terms of life-prolonging medical treatment you either do or don’t want if you are injured or become terminally ill. The living will goes hand in hand with your health care declaration and can serve as a guide to the agent.
Life Insurance
If you own property or have young children, or you owe estate tax and debt, life insurance is a good idea. It can help ease the financial burden on your loved ones when you pass on.
Cover for Your Funeral and Related Costs
Funeral prepayment plans can prove unreliable. Consider setting up an account through your bank and deposit funds into it to cover a funeral and related expenses upon your death. Include this information in your estate plan.
Plan for Special Needs
If you have minor or grown-up children with special needs, or the person you are leaving an inheritance to in disabled, it’s worth creating a Special Needs Trust. This helps the disabled person keep up Medicaid eligibility and serves as a supplement to government assistance, rather than replacing it. Include all the necessary details in your estate plan.
Safe and Secure Storage
Legal documents should always be kept somewhere stage. While keeping such documents at home is easy, it’s not always the most secure. If your home is destroyed, such documents may be difficult to recover.
Consider asking your estate planning attorney to keep the signed originals. Or, provide copies to someone you trust for safekeeping, such as an executor or trustee.
Don’t forget to have your estate planning documents updated regularly and keep them in a safe location, such as a friend’s home or safe deposit box when you go on vacation.
Expert Estate Planning Assistance
The best way to ensure you’ve got everything on this checklist covered is to consult with an experienced estate planning attorney. This way, you can make sure you have all the necessary documents and plans, and you can ask your attorney to keep the original paperwork safe and secure for you.
Book a consultation at Principal Law Firm to discuss your estate plan today.
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