3 Tips For The Successful Planning Of Your Estate

Finance & Money Blog

If you are ready to finally sit down to deal with the planning of your estate or you just want to tighten up any loose ends of your current estate plan, you will want to make sure that you are checking out the following information. The more you know about handling trust and estate planning, the easier the process will be and the less likely it is that something will go wrong.

Select A Power Of Attorney

You should have a healthcare power of attorney and a financial power of attorney. A power of attorney is a person that you elect to be able to make choices and decisions on your behalf, when you may be incapable of making those decisions yourself. For example, if you are unconscious, the healthcare power of attorney can make decisions regarding medication and treatment options. They are to act on behalf of you, always keeping your best interest in mind. Be careful who you pick for this position and make sure that you are getting their permission first. You do not want to put someone in that position if they don't want to do it.

Determine Proper Guardianship For Your Minor Children

If you have children that are under the age of 18, you will need to make sure that you are setting up a guardianship for them should something happen to you. This will be the person or people who will take legal responsibility of your children should you become unable to care for them. This could be due to the fact that you are in a coma in the hospital or because you have passed away. It should be someone you trust and someone that will carry on your wishes for how you wish your children to be raised.

Pick A Trust

A trust is a person or company that will be accountable for the money that you are leaving behind for your heirs. They will distribute the money, as needed, to the guardians of your minor children. This can help make sure that the money is spent wisely and that it covers all of the needs of your children.

If you are ready to set up your estate, you will want to speak to an attorney or an estate planner in order to get the process started. Once it is done, you will feel a sense of relief because you know everything is protected.

For more information, contact a bank or service that handles trusts and estate planning.


14 December 2021

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