Experience. Diligence. Professionalism.

What is in a good estate plan?

On Behalf of | Jun 10, 2022 | Estate Planning |

Have you thought about what will happen to your possessions when you die or become incapacitated? Do you worry about how your loved ones will be taken care of? Or how they will know what you want and how to carry out your wishes?

An estate plan can help you solve all this and more.

What goes into the planning process, and what should you include?

An estate plan is a set of legal documents that outline your wishes for the distribution of your belongings after your death and how to deal with things if you become so ill or injured that you cannot speak for yourself in life.

The components of a good estate plan vary depending on the individual’s needs and circumstances. However, they have several vital parts in common.

  • It should set out the individual’s health care wishes and put powers of attorney in place to speak to doctors and carry out necessary financial or legal transactions if they cannot do so themselves.
  • It should identify the person who will execute the estate when they die
  • It should provide for the distribution of the individual’s assets, such as choosing beneficiaries, determining how and when they will receive them, and establishing trusts to achieve specific objectives.

You should review your estate plan regularly to ensure that it continues to meet your needs and reflects changes in circumstances, such as births, deaths, marriages, and divorces.

No one knows what the future holds, so it’s essential to have an estate plan in place. Start now to create a will and other legal documents to ensure your wishes are carried out after you die.