Did You Know
Estate planning has three distinct elements:
- A plan for the disposition of your assets in the manner you desire.
- Signed document that provide information for your incapacitation and death.
- Detailed facts about your assets and liabilities.
The following documents should be part of your estate plan:
- Will – Your final declaration of how your assets and family should be taken care of after your death. Such as the people you choose to make decisions when you are gone; create trusts for your underage heirs; provide guardianship for minor children; minimize state and federal estate taxes; and minimize potential conflicts among family.
- Personal Property Distribution List – A detailed list of insubstantial personal property and how you want the property distributed. This will potentially save family conflicts.
- Proper Beneficiary Designations – Proper beneficiary designations can make sure that your life insurance and other survivor benefit funds are passed to the people you want. Such as making sure you removed your ex-spouse from your life insurance or retirement plan.
- A Living Will/Healthcare Directive – Your personal declaration of instructions in regards to your preferences for medical treatment if you are unable to make decisions for yourself. It is also your declaration that you choose to not have life sustaining treatment if there is no hope of quality of life.
- A Family Love Letter – A gift to your family laying out a roadmap relating to your assets, liabilities, and personal choices upon your death or incapacitation.