A comprehensive estate plan is important to create and update during all phases of life. It protects your assets from unwanted distribution in the event of your death and clarifies your wishes on crucial topics like healthcare, power of attorney and child guardianship. Protect the people you love and the money you’ve worked hard for with a well-thought-out plan that addresses all your concerns.
The Will
This is the document most associated with an estate plan. It outlines how you’d like your estate distributed after you are gone. Who will get your money and property? Who is the beneficiary of your life insurance? How are the assets to be divided and used? Answering these questions is the primary function of the will.
The Health Care Directive
A health care directive is an important document that outlines the type of care you’d like to receive if you are unable to make decisions for yourself. You can appoint someone as a proxy in those decisions and state your care preferences.
Power of Attorney
Who will make important legal decisions in your absence? Appointing a trusted friend or relative with power of attorney ensures that your wishes will be properly executed. You can also create a financial power of attorney, which allows others to pay bills and manage your finances should you be incapable of doing so yourself.
Appointment of a Guardian
An estate plan is most often written with your children in mind. With non-adult children, it’s important to consider who you want to raise your children in the event both parents are unable. Agreeing on this ahead of time spares everyone heartache and indecision.
Trusts
Leaving assets to underage children can be complex. Setting up a trust ensures that when your children become of age, they will receive their inheritance as you intended.
Letter of Intent
This is the document you see in movies when the family gathers to hear the last wishes of the deceased. It is not a legal document but rather a personalized letter that allows you to express your wishes as far as the estate plan you have drafted.
Cover Your Family and Your Assets With a Detailed Estate Plan
An estate plan offers peace of mind. As your life changes with children, divorce or health, your plan may change, too. Knowing how to adapt your plan to remain relevant is important.
A trusted knowledgeable attorney can answer your questions about estate planning. If you live in Minnesota, reach out to our compassionate team at White & Associates. Contact us to start drafting a personalized estate plan that ensures your family is properly taken care of in your absence.
