Estate planning is the process of designating who will receive your assets and handle your responsibilities after your death or if you become incapacitated.
Do you have a complete estate plan? These documents include:
- Advance medical directives that spell out your wishes for medical care if you are unable to make decisions for yourself. This includes a Health Care Power of Attorney and Living Will.
- A durable financial power of attorney allows someone else to manage your financial and legal affairs if you are medically unable to do so.
- A will lists your beneficiaries and names an executor for your estate.
- A living trust might be appropriate for you. Upon your death, the trust assets transfer to your designated beneficiaries, bypassing probate which is the court process that may otherwise distribute your property.
- Beneficiary Designations. Another essential part of your estate plan includes a careful review of your designated beneficiaries on your retirement accounts and insurance policies. The named beneficiaries outweigh what is in your will and trust. Make sure the right people inherit your assets.
And do not forget to revisit your estate plan when your circumstances change, for better or for worse. This may include a marriage or divorce, birth of a child, loss of a loved one, getting a new job or being terminated. Life changes. So should your estate plan.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more. We are currently offering free consultations via video conference to assist you with your needs.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.