When you think of estate planning, perhaps you have visions of someone on their deathbed, or maybe a very wealthy person setting up accounts for their family members. Too many people avoid or procrastinate when it comes to their own estate planning, always putting it off for another day. However, it’s never too early to start thinking about your estate plan, and how you want your assets and wishes handled in the event that you’re unable to make these decisions. Unfortunately, life can be unpredictable, and we can’t always count on things going smoothly, so give yourself and your family some peace of mind with a comprehensive estate plan!
If you’re not sure where to start with your estate planning in Summerville, talk to a family law attorney, and/or do your research on the following documents. These are considered key forms for any well-rounded estate plan:
The backbone of estate planning, the will or trust is an important form that outlines how your assets and property are distributed upon your passing. Having a clear and concise will can make it easier for your loved ones, and avoid any inconvenient tax issues after you die.
This document is a specialized version of a “power of attorney,” and designates someone that you trust, to make your health care decisions for you in case you are incapacitated. This person should understand your wishes for your medical and end-of-life care.
In addition to a health directive, it’s also important to name someone that you trust to make your financial decisions for you in case you are unable to do so. This document allows the appointed to handle your property, finances, and estate division if you’re incapacitated.
Many of your assets will be covered by your will or trust, and those that aren’t will typically be decided upon by the courts. However, you may want to name beneficiaries and contingent beneficiaries for things like your retirement accounts and insurance plans, to have a little more control over where those things end up after your passing.
If you have children, it is extremely important that you name someone you trust to look after them in the case that you are no longer able to. This is something that should not be left up to the government to decide, and you can put this in your estate plan quite easily.
Ready to get started on your Summerville estate planning? Reach out to us today for your free consultation!