Creating an estate plan is an essential part of preparing for the future. If you are unsure where to begin or what should be included in an estate plan, however, this can seem like a complicated task. Generally, there are four main elements to an estate plan, so continue reading to learn more about them.
What You Should Include in Your Estate Plan
An estate plan usually consists of four main elements – a trust, a financial power of attorney, a healthcare power of attorney, and a will.
Here is what you need to know about each of these features:
- Will: Your will can ensure your wishes are respected with it comes to distributing assets and property in the aftermath of your death. Additionally, a will allows you to name a guardian for minor children if something happens to both you and your co-parent.
- Healthcare power of attorney: If you were to become incapacitated and unable to make decisions for yourself, having a healthcare power of attorney in place will ensure your wishes regarding your medical care are respected. For example, if you are against being put on life support or any other form of life-sustaining medical intervention, this can be included in your estate plan.
- Financial power of attorney: Much like a healthcare power of attorney, having a financial power of attorney in place will allow an individual of your choosing to make financial decisions on your behalf if you become incapacitated.
- Trust: If you have specific instructions for how and when your assets should be distributed to your beneficiaries, a trust can help you accomplish this. For example, if you believe one of your beneficiaries might be reckless with the assets they inherit, you can limit their access to these assets.
You may not know what the future holds, but an effective estate plan can ensure you are ready for anything.
Schedule a Consultation with a Knowledgeable Estate Planning Attorney Today!
No matter how young you might be, it is never too soon to create an estate plan. At Drexler Law, our estate planning team has more than 100 years of combined experience and is committed to providing knowledgeable legal advice. You can rely on us to guide you through the process of creating an estate plan that is right for you and your unique goals.
Reach out to our law office today at (719) 259-0050 to set up a case evaluation with one of our attorneys to learn more about our services and how we can help you.