For some families, it is easy to create an estate plan that will serve them well for generations. However, many individuals can’t say the same thing because they don’t understand what needs to be done in order to set up their estate plan successfully. This is normally because these folks haven’t taken the time to sit down and really think about how their estate is currently set up. Often, when folks are at their parents’ home discussing how to move forward with setting up their estate plan, they look around and say, “this looks good enough.” It is far better to look deep into your current estate setup and try to find the holes in the system.
Here are the two key elements to proper estate planning: Will and testament and powers of attorney.
The Two Key Elements to Proper Estate Planning
1. Will and Testament
First, the will and testament is an important legal document that states who gets what in case of your passing. Ideally, it should be reviewed yearly to ensure it reflects your intentions for how you want things handled when the time comes. You may even consider having a child, relative, or friend sign the document to show that you’re willing to grant another person (outside of court-appointed executors) the power to oversee your estate in case something should happen.
2. Powers of Attorney
Second, it’s important that you create two powers of attorney documents at the very least; one that gives someone power over your financial affairs, and another for medical decisions.
It’s important to remember that this is the bare minimum. Work with an estate lawyer in your local area to make sure you’re not missing other key elements to proper estate planning. Contact the family law experts at Mark A Weseman today to learn more about this important process.