When making an estate plan, it’s important not to overlook anything. People sometimes neglect to consider just how complicated and useful and estate plan can be. They leave out key elements that could’ve helped them or their family.
To help you avoid unfavorable outcomes, consider some of the most important aspects of any estate plan. This can give you a good place to start, although everyone needs to assess their own unique situation to ensure that their plan works for them.
A last will
The natural place to start with an estate plan is by writing a will. It’s an instruction list, a set of guidelines for your estate administrator to follow. You can begin by taking an inventory of your assets. You can determine which heirs you want to receive which assets, and you’ll list these instructions in the will.
Advance medical planning
Furthermore, you may need to do medical planning as part of your estate plan. You can use an advance directive to leave instructions for your doctors. Maybe you don’t want to be kept on life-support, for example. You could also use a medical power of attorney to give an agent the legal ability to make medical decisions for you. If you become incapacitated, they can step in and take over this important job.
Finally, you may also consider financial documents to plan for the future. Maybe you want to put your assets into a trust, rather than a will. Maybe you want to set up a financial power of attorney so someone else can make decisions for you if necessary. There are many options available to you as you consider your financial future.