Estate planning has become a necessity, but still, many people fail to provide attention to it. Many of them think that it is a daunting task, while some do not have an idea of the process. Are you thinking of starting with estate planning? If yes, you are in the right place as this article will provide information on the necessary documents you need to give for estate planning. They are:
Last Testament And Will
The testament and will is a foundation of a successful estate plan, and starting this journey, your estate planning law firm will recommend either a trust-based or a will-based plan. A will-based estate plan states who will serve as a personal representative or executor? What power will they have? Who will be your beneficiaries? What will each of them get? Who will take responsibility for your child? All these things play a significant role, and that’s why they must be included here.
Durable Power Of Attorney
It is a legal document that gives a person from an estate planning service the power to act on your behalf. You can name a primary agent who will take care of the necessary things. In many situations, spouses are named agents, and being durable means the agency will continue with the task even if you are unable or incapacitated to handle all work. They can be effective immediately, and based on your requirements, you can give them limited access to specific transactions.
It is also popularly known as a healthcare directive and legal document providing end-of-life care information. Sometimes, it is confused with the last testament and will, but you must understand that these documents serve different purposes. A living will provide information about the life-sustaining medical treatment decisions are off. For example, suppose if your health deteriorates to such an extent that you are in a coma, what should your loved ones do?
They can check the will where specified if you want to be saved on feeding tubes and machines. Based on what you state on the will, your family members will make a decision.
Health Power Of Attorney
Like a durable power of attorney, you are naming another person for the role of an agent. You can nominate a primary agent and then a backup agent who will serve when a person in charge of the primary position cannot. Make sure when you are selecting them, they should be faithful and must honor your wishes. Do not hire anyone who will never honor your wishes.
Designations Of Beneficiaries
While opening a retirement plan or life insurance, you will often provide the details of a beneficiary. They are someone whom you want to inherit. That’s why you must make sure to have estate planning documents in place. These are powerful designations and take precedence over instructions in the last testament. In addition, you must update and review them as your life changes.
Letter Of Intent
In addition, you must leave a letter including the miscellaneous requests that have not been covered in the will. For example, you can include how your funeral should be done, etc. All this information will help your loved ones to be prepared and carry out the proceedings accordingly. Not including the details in depth will make it difficult for them. Thus, it depends upon you what option to choose.
Digital Asset Trust
By using a digital asset trust, you can find out what to do with the electronic property. It includes your laptops, smartphones, data stored in the cloud, online accounts in Yahoo, Facebook, etc. Also, you must prepare a separate list for your passwords, so it becomes easier for your professionals to access the details.
Looking For An Estate Planning Company
Preparing all these documents is not easy, so it is better to approach an estate planning firm. A professional firm will be able to guide you in the right direction. Here are a few parameters that will guide you in picking the best one.
Years Of Experience
All these things are essential in deciding whom to hire in estate planning. While looking for an expert, you must consider their years of experience. It will help you know how efficient they are, and they will handle the task.
Look for a firm that has received good reviews as it indicates that clients are happy with the service. If a firm does not have good reviews and a low rating, you must never consider hiring them. The more careful you are in hiring an expert, the better it would be to prepare a will.
Now you can look for a will estate lawyer and start preparing for estate planning. Ensure that all information stated above is there with you as it helps prepare a perfect will for your family.