Getting an estate plan is incredibly important for your family and for your estate. Although you don't plan to need to use it while you are young, it is still important that you at least have a plan so that your family is taken care of. Here are some things you need to know about getting an estate plan.
What Will An Estate Plan Include?
An estate plan will include more than just directions of what to do with your estate when you pass away. It will also include trust accounts that hold your money, as well as powers of attorney. Power of attorneys are important legal documents that name someone to care for your affairs if you are unable to. For instance, you will name a medical, legal, and financial power of attorney. This call all be one person, or you can choose a different individual for each one. This person will make your medical decisions, access your bank accounts, and can even make legal choices for you if you are incapacitated. This is why it is so important that you take care of your powers of attorney while you are young and healthy, since it is important that you find someone who shares your same beliefs and ideals on these topics.
In addition, an attorney will help you set up trusts accounts to house your estate, as well as get a will that will name a guardian over any minor children that you have.
When Should You Get An Estate Plan?
You should have an estate plan now. There is no reason that any adult should go without an estate plan. You should start putting together your estate plan while you are young and healthy and then revisit the plan often. With any major life change, every couple years, or if there are any changes to your financial situation, you should talk to your estate planning attorney and they can make the necessary changes.
Are There Any Other Additional Things You Should Get With An Estate Plan?
One thing that is highly recommended by most attorneys is a life insurance policy. This policy is great because it is paid upon death. This is important, because even if you have good savings, your family may still need money to pay for funeral expenses, extra medical costs that might have built up before your death, and help pay for additional expenses. Life insurance money can help pay for these things upon your death. Additionally, if your money does get tied up in probate, your family has your life insurance immediately to help pay for costs.
As you can see, there are many reasons and things you need to know about getting an estate plan. Talk with an estate planning attorney for more information and options.