Planning your estate could be one of the best decisions you can make – for you and your family.
It’s not a hidden fact, however, that estate plans include a lot of features. Here’s what you should think about including in your own plans when you’re looking at the future:
A will
This legal document outlines any defining features that are unique to your final wishes. Your will may include how your funeral is arranged and how your assets are distributed. However, heirs will have to go through a probate period before they receive any assets.
A trust
Alongside a will, testators may consider making an additional legal document that ensures family and friends receive their inheritance. Trusts have several benefits such as circumventing probate and taxes.
The Executor
After you pass away, someone will need to oversee your estate, otherwise, it could come in disrepair or be stolen before it’s in the hands of your heirs. An executor of an estate can be assigned to an extensive amount of tasks such as caring for your home and vehicle, paying for any bills or relocating pets and plants.
Powers of attorney
You may also include someone who oversees your financial and medical decisions if you’re incapacitated. You may decide to have someone take on both roles of your power of attorney (POA), or decide to give your medical POA and financial POA to two different people.
Child guardianship
Included in a will, you may consider assigning someone to take over guardianship for any minor children you may have. Typically, a guardian is only needed if both you and your spouse should die.
If you’re wanting to make an estate plan, you may want to know everything you’re expected to include. You may need to reach out for legal help to know your options.