Estate Planning Basics
Estate planning is a sensitive topic for many families in Utah to discuss but it’s important that everyone understands how they’re going to move forward during a life changing event. From having a child to experiencing a death in the family or reaching retirement age, you should take the steps now to protect yourself and your loved ones. Estate planning is an empowering way to help protect your family’s legacy. Here are four key documents you should include in your estate planning.
Do you know who will raise your children if you or your partner are killed? By planning who will take over guardianship, you can be confident that your children will be taken care of if something happens to you. You can also start a trust or investment account for your children so they will have a financial nest egg in the future.
Last Will and Testament
Another key part of estate planning is creating a last will and testament to document how you would like to distribute your assets to the intended beneficiaries. Prized personal possessions like family heirlooms, cars and investments are usually left to loved ones in your will.
Financial Power of Attorney
When you appoint someone as your financial power of attorney they are in charge of managing your personal financial affairs in case of an emergency and you are deemed incapacitated by Utah medical staff.
Utah Advance Health Care Directive
Finally, another document you should include in your estate planning is a Utah Advance Health Care Directive. They can make medical decisions on your behalf if you are unable to make them yourself. We recommend that you discuss your specific preferences beforehand with them beforehand so they will fully understand your preferences so they can advocate on your behalf and make sure that your wishes are fulfilled.