Do you lack an estate plan? You may be missing an important opportunity to protect your future.
If you are considering making an estate plan, here are a few questions you may have:
1. What is an estate plan for?
The main use of an estate plan is to instruct how your assets are managed after you pass away. By making your last wishes clear, you can help ensure family members and friends benefit from your estate. You can also use an estate plan to decide how you would be cared for if you suffer from a medical condition or require end-of-life care.
2. What is in an estate plan?
The main document included in an estate plan is a will. A will allows you to name beneficiaries who would inherit from your estate. You can also name an executor of the estate, who is responsible for managing your estate after you pass away and helping to ensure your last wishes are met.
You may also make special considerations in your estate plan, such as a power of attorney. A power of attorney can act on your behalf if you become incapacitated and can no longer care for yourself. If you have children, you may also need to name a guardian to care for them in an emergency.
3. Do you need to make an estate plan now?
While there is no rush to make an estate plan, that does not mean you should put off making this important document. Anything can happen unexpectedly, and you may need to use your estate plan to make important decisions about your life. Legal guidance can help you prepare your estate plan.
