Successful Estate Plan Must-Haves

How would your current estate plan hold up in an unfortunate turn of events? Would your family members have access to your assets? Do you have a designated guardian for your children?

This article highlights several factors that go into creating a successful estate plan that won’t leave things up to chance. Here are some key points:

1. A will or trust should be a main component of your estate plan, but isn’t enough on its own.

You will need a will or trust to ensure your property is distributed according to your wishes or to help limit estate taxes. While a will or trust is essential, it is only the beginning. It’s important to take further steps to create a solid estate plan.

2. Draft a Durable Power of Attorney.

Without a power of attorney, the fate of your assets could be left up to a court. This document can give your agent the power to make legal and financial decisions on your behalf.

3. If you have minor children, designate a guardian and a backup guardian.

If you have children or are considering having children in the future, picking a guardian is a very important piece of your estate plan. Without a chosen designation, your children could end up living with a family you would not have selected, or in an extreme case, become wards of the state.

Read the full article here. If you’re ready to make some changes to your estate plan, call Rhodes Law Firm today!