Mon. Jul 6th, 2020

Major Elements of Estate Planning

A lot of American adults do not have a will and this can lead to all types of issues if tragedy strikes. If both parents die, the children’s fate will be up to a judge. Your assets may not be distributed the way you would like it. Fortunately, estate planning can save you from these unfortunate outcomes. Almost everyone can do basic estate planning or work with an estate planning lawyer near me even if they don’t have many assets. Below are the elements of estate planning:

Will

A will determines where your assets will be distributed. These assets refer to those outside a trust and do not have beneficiaries. This could be your car, home, personal professions, or bank accounts.

Guardianship Plan for Minor Children

This will determine who will raise your kids if you and your spouse are killed in an accident. Also, you must plan for how any life insurance payouts and money you leave to your kids will be handled for their benefit. To ensure the money will be used the way it is supposed to be, consider having it placed in a trust.

Executor

If you draw up a will, you must pick somebody who will carry out your wishes. With the help of an estate attorney, a friend or relative can handle a simple estate. However, a more complex estate is likely to require professional management.

Living Trust

This lets you pass on assets without undergoing the public probate process and enables someone else to handle your affairs if you become incapacitated. A trust can own your car, house, bank accounts, or other assets. While you make yourself a trustee, you must appoint a successor trustee who will take over when you die or when you can no longer manage your own affairs.

Other elements of estate planning include a medical power of attorney, living will, financial power of attorney, and more. In all these components, you will need the expertise of an experienced estate attorney to put everything in its rightful place.

 

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