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The essentials for drafting or updating an estate plan

On Behalf of | Sep 14, 2020 | firm news |

No matter what you own, the contents of your savings account or your age, an estate plan is right for you. The benefits of the estate planning process is not just limited to the wealthy, married couples, individuals with children, those diagnosed with an illness or those nearing the end of their life. It is for any one, whether an individual is a young adult just started college or are a retired couple that just celebrated their 50th wedding anniversary. Having your affairs in order is essential no matter one’s age or phase in life they are in.

Estate planning essentials

Whether you have a lot or a little when it comes to property and assets, you likely think about what will happen to your belongings when you pass. Maybe you desire certain property go to specific loved ones, while others, you want to ensure they remain in the family. Whether it is a home, heirloom or financial accounts, creating an estate plan also generates peace of mind.

Wealthy or not, young or old, an estate plan allows one to memorialize their wishes after they pass. This means designating bequests and name those authorized to make decisions on your behalf.

Drafting and updating an estate plan

Sitting down to finally draft an estate plan can be overwhelming. Likewise, it can be an emotional experience updating an estate plan as well. Thus, it is important to consider the following components of an estate plan whether you are just starting one or taking the time to update it.

To begin, a will should be drafted to make beneficiary designations. This should continually be up-dated over time. Certain events, such as marriage, having a child, divorcing, starting a business or receiving an inheritance are all triggering events to update one’s will. Other important documents include a health care proxy, a living will, durable power of attorney, a guardian for your children if you have any, a trust for extra control, a plan for long-term care and your end of life wishes.

Working out exactly what an estate plan should include or when it is necessary to update it can be tricky. Thus, it is important to gain a full perspective of your matter and what options you have to help ensure your affairs are in order.

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