When you pass, you want to make sure there is a plan in place to take care of your loved ones and assets. Proper estate planning is a good way to ensure that happens.
There are several parts to estate planning. Make sure you know the things to consider when making your estate plan so that you protect the ones you love.
There are a few key components to a proper estate plan. The main elements include:
- Beneficiary designation
- Power of Attorney
- Medical directives
Depending upon the extent of your estate, additional components may be helpful. In short, you should include any components you feel may aid in the proper distribution of your estate after you pass or become incapacitated.
Power of attorneys
Your designation for power of attorney determines who will administer your estate once you are unable to. Considering this, you should be very careful in whom you choose. There are laws to govern how an individual should administer an estate, but it may also be beneficial to ensure that it is someone you trust. In fact, you may select more than one individual. For instance, you may have one individual handle the financial aspects, and you may select a separate medical power of attorney to execute your wishes concerning your medical care. Alternately, you may have one individual handle all wishes.
If you have particular wishes for your funeral, burial or administration of your estate, you may designate these things in your estate plan. If you are a young parent, you may specify things about your children's care, such as caretakers and special visitation rights. Doing so can ensure you have things as you would like, as well as take the burden off of your loved ones during that sensitive period.
As you can see, an estate plan can be very helpful and critical after your passing. Take some time to consider these components and review your estate so that you may determine the best choice for you.