There are certain duties in life that, for whatever reason, everyone tends to put off. Estate planning is certainly on this list, but organizing your assets can give you great peace of mind that your loved ones are taken care of, and your assets are secured.
If you are ready to check estate planning off your list, here are four essentials to start with:
- A will. Not everyone needs a full estate plan, but everyone needs a will. A will ensures your property is distributed according to your wishes. Without one, a probate court will decide your inheritance.
- Beneficiaries. There are several assets that are not included in wills, such as a 401(k) and insurance plans. In those cases, it’s essential to name beneficiaries to ensure those accounts go to the right people.
- Durable power of attorney. A power of attorney (POA) assigns someone to be able to make decisions on your behalf if you are unable to do so. POAs are usually drafted for legal and medical decisions separately.
- A letter of intent. While not a binding document, a letter of intent can shed light on your intentions and desires for the rest of your estate plan. It can be intended for your beneficiaries or power of attorney to inform them on how you want your affairs handled. It can also be used by a court to discern the distribution of assets on any points of contention.
Don’t put off estate planning any longer. Our team is here to help you get your affairs in order, so you can enjoy your life knowing your family’s future is secure.