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:
- 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.
- 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.
- 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.