Estate Strategies – Critical Elements of an Estate Plan

Estate Strategies – Critical Elements of an Estate Plan

Taking steps to protect your estate is an important financial decision. Proper strategies can maximize opportunities and reduce stress for your loved ones. Yet, around 50% of people over 50 don’t have a will, even though almost 60% of Americans plan to leave an inheritance. By creating an estate plan, you can put your financial house in order and save money. Documenting your wishes ensures that your family won’t face a costly and lengthy probate process, and it helps make sure your legacy is honored.

A will is essential for outlining how your assets will be distributed, naming an executor, and designating guardians for minor children. However, wills can be contested in court, which is why additional documents like a letter of intent can be helpful to clarify your intentions. A power of attorney allows someone you trust to handle financial and legal decisions if you become incapacitated. It’s also important to plan for healthcare decisions with a living will or medical power of attorney.

Trusts are another vital component of an estate plan. They avoid probate, maintain privacy, and ensure effective management and distribution of assets. For those in second or third marriages, updating estate documents and considering prenuptial agreements are important to protect both new spouses and children. Lastly, naming a guardian for your children and organizing your accounts and passwords can prevent complications and help your executor manage your estate according to your wishes.

Take a look at some important details to address when creating your own estate plan in our new piece. http://bit.ly/354S5aW

Published On: December 12, 2019|Categories: Resource Center|Tags: , , |

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