Responsible adults often want to do everything they can to ensure that their assets are protected. This might include obtaining insurance, using a financial planner or placing assets in secure places. What you might not realize is that you can also ensure that your assets are properly handled after your death by creating an estate plan.
Your estate plan is like a road map for the loved ones who survive you. They can know what you want to happen with everything you have. You can also include components like trusts so that your loved ones can get what is due to them on a schedule that you implement.
We understand that you might have some questions about this process if you haven’t ever created an estate plan. Rest assured, we are here to help you identify the options that you have to make your wishes known.
As you work on your will and any possible trusts, you should start thinking beyond these basics. You have three other things to think about. First, think about who can handle your finances if you can’t do this on your own. This person should be your power of attorney for finances.
Second, you should think about who can make medical decisions for you if you can’t. This person should be your power of attorney for health care.
Third, make your wishes for your final days known. This information should be included in your advance directives and should provide information about what medical treatments you want and don’t want. This is where you can let people know if you want life support or not.