3 Things That You Will Be Included In Your Estate Plan

Posted on: 4 December 2015

Getting an estate plan is incredibly important. Many people put off getting their estate plan done because they aren't sure what is included in the plan. Here are some of the things to expect when you meet with a lawyer to organize your estate plan.

1. Appoint A Guardian Over Minor Children

One of the most important parts of your estate plan will be to appoint a guardian for your minor children. This is one reason why you shouldn't put off getting an estate plan, even if you are younger. An estate plan is for anyone who has children or who has property. Thus, the moment you become parents, you should get an estate plan going.

If you don't appoint a guardian and you and your spouse pass away, the state will determine who will care for your children. Don't leave this important decision up to a judge. Prepare a head of time and ensure that your children are well taken care of if something were to happen to you.

2. Creation Of Trusts

Trusts have made a great contribution to estate plans. Previously all the money, assets and property had to be put in the will. A will goes on a public record and must go through probate. This is undesirable for most people, so instead they put everything into a trust. You can control a trust by putting special provisions in it, such as conditions that must be met before family can get their money. This will help to protect your estate and ensure that the money is used and allocated the way you wanted.

3. Powers of Attorney

Another vital part of an estate plan is your powers of attorney. If something were to happen to your, who would make your medical, legal, and financial decisions? With a medical and legal power of attorney you will appoint someone to have that power for you so that you can have your wishes honored. For example, if you were in a car accident and were unable to communicate your wishes because you were in a coma, your power of attorney would make those decisions for you. If you don't appoint someone in your estate plan, a judge will appoint someone for you. This person may not share your beliefs on healthcare and may not honor your wishes; this is why it is infinitely better to get it done early on.

These are 3 important parts of your estate plan, which is why you should have one drawn up if you haven't gotten one yet. For more information, contact firms like Acton & Snyder, LLP.