Estate Planning Checklist: Important Steps and Must Dos

A power of attorney is a legal document that grants another person the ability to make decisions for you if you ever become mentally incompetent. By establishing a power of attorney, you can ensure that financial and medical decisions can be made on your behalf by someone that you trust. If you do not establish a power of attorney, the court may be left to make decisions about what happens to your assets, and they may not always make the decisions that you want. Because of this, it is important to ensure that establishing a power of attorney is part of your estate planning process.

Your will is one of the more crucial components of your estate plan. This document serves two distinct purposes — who will receive your assets after your death and designates who will be your child’s guardian, if they are still minors. If you do not have a will in place, a judge will likely make both decisions for you. You can make your last will and testament as complex or simple as needed, depending on your assets and estate. Along with your will, you will need to designate an executor. This is the person that will oversee the management of your estate and carry out the instructions of your will. 

Many people create an estate plan and never revisit it. This is one thing you should avoid doing. You should be prepared to update your estate plan regularly, about every two to five years. Updating your estate plan allows you to make changes after your family grows or changes, when your finances or assets change, or when your wishes change. When you update your estate plan, you can ensure that your beneficiaries are still the right option. Since life is ever changing, your estate plan should be as well.

You want to make sure that everything is in order when it comes to your estate plan. Many people do not fully understand their estate plans or what each component means. When you work with a professional and expert estate planning attorney, you can ensure that everything is laid out as perfectly as possible and that all your bases are covered. Our team can provide you with clarity and peace of mind, ensuring that all of your assets, wealth, and anything else is accounted for.