Also, know that naming a couple as co-guardians could get tricky if they divorce. You can name a third party, such as a trustee, to oversee money or assets until the child is old enough to manage their inheritance themselves. In addition, remember that they don’t have to be the person managing a child’s inheritance. If no guardians are named in your estate plan, a probate court a may appoint guardianship for you.īefore you name a guardian, make sure you talk to them ahead of time to get their consent. These may include minor children, a loved one with special needs, or aging parents under your care. The next step on the estate planning checklist is to consider who you’d like to care for your dependents (if any) at the time of your death. 3. Establish guardianship for your dependents A will is an important part of your estate plan, but an estate plan provides an overarching strategy for your end-of-life healthcare directives and asset distribution. Pro tip: Don’t confuse will preparation with an estate plan. In this document, you can name beneficiaries, designate guardians for minor children, and identify an executor for your estate - this person will be responsible for carrying out your wishes according to your will. Last will and testament: A last will and testament is a legal document that includes your wishes for your possessions and dependents following your death.Financial durable power of attorney: A financial durable power of attorney (DPOA) gives you the ability to make financial decisions in your name and on your behalf if you’re unable to do so yourself.A healthcare Power of Attorney (POA) document - also known as a medical POA or healthcare proxy - assigns an individual of your choosing the power to make healthcare decisions for you if you can’t make them yourself. A living will: Also called a medical care directive, a living will outlines the medical treatments you do and don’t want to accept at the end of your life. ![]() An advance healthcare directive often contains two documents: a living will and healthcare power of attorney (POA). Advanced healthcare directive: Also known as an advanced directive, this legal document offers guidance on your medical treatments and healthcare services, should you become incapacitated.To help reduce the risk of your assets going to probate - which can be slow, costly, and not aligned with your wishes – be sure to include the following estate planning documents in your end-of-life strategy: Without an estate plan, a judge could make those decisions for you in probate court. It’s important that your estate plan clearly outlines your wishes regarding your assets and dependents. Outline your wishes in your estate planning documents Most importantly, you and your team will create a plan that helps ensure your assets are distributed to the people and organizations you choose with as little confusion as possible. Some of the professionals you may want to include on this team are a financial advisor, a tax professional, and an estate planning attorney to map out a complete, customized estate plan.Įach person on the team plays a critical role in the process and can provide invaluable legal and financial advice. Prioritize assembling an experienced team to help you create your estate plan. But these steps can help you get organized and begin the process with ease. The specifics will depend on your individual circumstances. There's no one-size-fits-all method for creating an estate plan. Read on for 10 tips on how to create an estate plan like a pro. We created this estate planning basics guide to help make the process simpler. ![]() Creating a comprehensive estate plan can help protect your loved ones and your assets.Įstate plans are an essential part of your end-of-life plan, but the process can be complex - especially if you have a large number of assets. Estate planning is the process of organizing and arranging your assets to help ensure they’re transferred according to your wishes upon your death or incapacitation.
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