Estate planning is a very extensive and detailed process that requires a lot of flexibility on the part of the attorney who’s handling your estate, as well as poise from you while working out the best steps for you and your family.
This kind of planning also requires extreme focus, something that can be difficult to achieve given its sensitivity and, at times, complexity. It’s easy to take things for granted or look past certain elements of the estate planning process. That’s why we’re here to help you stay up to date every step of the way by alerting you to these overlooked estate planning details.
Naming Powers of Attorney
One of the more overlooked estate planning details is naming the powers of attorney for different aspects, including:
- Real Estate
Naming powers of attorney means you can name anyone as long as it’s done under your free will, preferably people who you deem most trustworthy, like a spouse or close sibling. You could even designate your attorney as one too.
Naming Qualified Powers of Attorney
While you want to ensure that the people you name are people you can swear by, you should always make sure that the ones you select are fully qualified to handle powers of attorney. The person you trust or like the most may not necessarily be the fittest person for that role. Trust and qualifications are vital factors when choosing powers of attorney.
Establishing Trusts and Updating the Will
Securing your child’s future is paramount to this process and while writing them in the will is a step in the right direction, it isn’t enough. Set up trusts for your children, so they have money to access easily down the road.
Additionally, when you’ve gone through a life-changing event like marriage, a divorce, or having kids, it’s easy to forget to update the will after such an event. Doing so will ensure everyone in your family is covered.
You should also ensure you hire an estate attorney who ensures all your paperwork is legally binding, as forgetting to do so might render all of this moot.
Keep track of these overlooked estate planning details get top-quality estate planning for you and your loved ones once you schedule a consultation with Mark today!