It is all too easy to think about your estate plan as just creating a will and letting it be. There is much more to getting the estate plan together than just naming off your heirs and what they are going to get.
There are few things that your estate plan has to accomplish. The last thing that you need is to end up in your final days without everything being in order or to pass away before you get your plans set. Here are some categories you need to think about:
Your medical care
Your medical care decisions can make your final days easier or much more difficult. Part of your estate plan involves laying out what you want as far as medical care goes and appointing someone who can stick up for you when the time comes. You should remember that your health care powers of attorney designation won’t go into effect until something happens that renders you unable to make your own medical decisions. Between your living will and the person who holds powers of attorney for your medical care, everything should be in place to ensure that your wishes for your final days are respected.
When you aren’t able to make money decisions for yourself, you need to know that someone has the capability to make these decisions for you. The person who will take care of your finances must be given a powers of attorney for finances designation. Just like the powers of attorney for health care designation, this one only goes into effect if you can’t make decisions of your own for any reason. The person whom you give this designation to should be able to handle making responsible decisions for an estate of your size so be sure to keep this in mind.
Your heirs and beneficiaries
You need to make sure that your heirs and beneficiaries are taken care of when you pass away. As you make your estate plan, make sure that you think about the tax implications, probate costs and similar factors regarding the way you set things up. Your goal should be to pass along assets to your heirs and beneficiaries with as little work and as little expense as possible. This isn’t always an easy task, especially if your estate is a larger one.
Working with a professional who has experience with estate plans similar to yours can help you find the information you need so that you can get everything created in the way that reflects your wishes.