Simple Goals to help you Complete your Estate Plan

When most of us think about estate planning we normally believe only the wealthy need a plan. This is a misconception. It does not matter how wealthy you are, you need an estate plan.

Another misconception we have is that estate planning does not need to be done until we are older. The reality is, the younger you are when planning your estate, the better prepared you will be for future events.

By following these simple goals, your planning process can be accomplished quite easily.

Priority #1 – Complete your Estate Plan Now

It is unfortunate that a number of people do not have a plan in place when they die. A solid estate plan will make life-changing events that occur unexpectedly, more manageable. When you have a plan, you are in control of what happens to your estate and guardianship of your minor children. Without a plan, decisions could be made that you would not agree with.

The other benefit of a solid estate plan is that your family will not be burdened with making the tough decisions on their own. So grab a calendar and set a time frame to have your estate plan completed within the next few months.

Priority #2 – Draft a Will or Trust or Update your Existing Will

These are most important documents you will need. It gives you an opportunity to designate how your estate will be distributed. You will also be able to appoint a personal representative to manage the distribution of your estate.

Priority #3 – Select a Power of Attorney

You will be appointing someone to act on your behalf and make financial and healthcare decisions for you. They will be there to protect your assets when you are no longer able to. Feel free to contact us if you have any estate planning questions.