Making an estate plan can be an overwhelming prospect for many people due to the various factors that must be taken into account during this process. However, taking the time for proper estate planning can ensure that you are looked after during your final days, and that your heirs are taken care of once you are gone. To ensure a successful estate plan, here are a few things you should consider including in your estate planning that you may not have previously considered.
Many people think of an estate plan as something that merely cares for their affairs after they pass away. However, successful estate planning should also include documents that ensure you are cared for should you ever become incapacitated. You will want to choose someone (or multiple people) you trust to give durable power of attorney. A durable power of attorney allows you to designate someone to be in charge of your legal and financial affairs should you fall ill. Similarly, you will also want a medical power of attorney that will designate someone you trust to make healthcare decisions for you should you fall ill. Without these critical documents, decisions may be made regarding your estate and wellbeing should you become incapacitated that may go against your wishes.
An estate plan can not only outline how your assets are to be divided when you pass away, but it can also make arrangements for how your children are to be cared for should you die unexpectedly. This can be critical if you have minor children as you will want to make decisions regarding who should be their guardian should you die young. If you do not designate a guardian, your children may be placed in the care of a relative you would not have selected. Guardianship designations are then a critical part of estate planning for anyone with young children.
As you can see, there are a variety of things that must be considered during the estate planning process. It is then critical that you work with an experienced attorney when estate planning as they will be able to help walk you through this often confusing and complicated process. Contact us to learn more about important documents you should incorporate into your estate plan.