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What’s missing from your estate plan?

On Behalf of | Jul 4, 2024 | Estate Planning

A will is a part of an estate plan that allows you to decide how your assets will be managed after you pass away and who should benefit from your estate. A will is only one part of an estate plan.

There are several parts of an estate plan you may not want to miss. If you are making an estate plan, check you have covered the following:

Did you name an executor of the estate?

To help administer your estate, you should name an executor. An executor of the estate is a role given to someone who can be trusted to care for your assets. In addition to managing your assets, your executor can be responsible for settling debts, accessing life insurance policies and distributing assets.  

Do you need asset protection?

You can protect your assets from probate, estate taxes and disputes by creating a trust. A trust is a legal document much like a will, allowing you to name beneficiaries. Unlike a will, a trust can be used during and after your life to secure assets. You can also set up a trust to meet specific demands, such as donating to charities or caring for your pet.

Do you have a power of attorney?

You can name a power of attorney to act on your behalf and make medical and financial decisions in your best interests. Your power of attorney may take effect if you suffer an injury or illness that makes you unable to care for yourself. A power of attorney is a strong tool for long-term care needs.

It can be difficult to know if you have everything you need in your estate plan. You can reach out for legal help as you develop your estate plan.