Estate Planning Details to Keep in Mind

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

What does your estate plan look like?

If your plan is incomplete, the government will provide one for you. But most people want to make their own decisions about who will inherit their home, investments and bank accounts, not to mention take care of their pets and minor children.

If you want to follow the best practices for creating an estate plan that protects your loved ones and everything you’ve worked for, start by considering these details:

Wills, Designations and Trusts

Probate and intestacy law are the government-provided plans for distributing your assets and assigning guardianship of minor children. But probate can be slow and costly, and it puts your will and assets into public records. Intestacy law may give your property to an estranged relative.

• A will lets you choose who inherits your property. It also allows parents to specify who will become a minor child’s guardian.
• Transfer-on-death designations allow you to name primary and contingent beneficiaries for financial accounts and sometimes real property. They work without and supersede a will.
• A revocable living trust lets you retain control over your assets during your lifetime while keeping them out of probate court after your death.

Living Will and Powers of Attorney

Make sure your doctors and family know your wishes and have the authority to implement them with a living will or advance directive.

Also important:

• A health care power of attorney lets someone you trust make your medical decisions if you can’t.
• A springing financial power of attorney lets someone manage your money if you can’t.

Stay Flexible

As life changes, so should your estate plan. Check in every year or whenever a significant life event happens and make adjustments as necessary.

Is there anything you need help with? Reach out today.

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