![]() ![]() You should also talk with them about your digital assets. If you have a child who is not good with managing money, a trust can be set up to distribute assets according to your wishes: by age or accomplishments, like finishing college, going to rehab, or maintaining a steady work history.ĭo not forget to tell family members where they can find your Will and other estate documents. Discuss these roles and their responsibilities with the people you have chosen, and make sure they are willing to serve.īe realistic about the people you are naming to receive your property.Create an Advance Directive, also known as a Living Will, to explain your wishes for medical care, particularly concerning end-of-life care.Name a person for the Medical Power of Attorney to make decisions on your behalf, if you cannot.They will be your representative for legal and financial matters, but only while you are living. Name a person for the Power of Attorney role.There are also tasks for your own care while you are living, in case of incapacity: Make a letter describing possessions and who you want to receive them.Name a guardian for minor children, if yours are still young.Decide who will be the executor of your Will.Check beneficiaries on non-probate assets to make sure they are current.Find an estate planning attorney who is experienced with the laws of your state.Remember, if the Will does not comply with your state’s estate law, it can be declared invalid. Here are ten specific tasks that need to be completed for your Will to be effective. However, the outcome of an estate may be more impacted by Power of Attorney for financial matters and Medical Power of Attorney documents. ![]() Most assets, including retirement accounts and insurance policy proceeds, can be transferred to heirs outside of a Will, if they have designated beneficiaries. While a Will is important, there are other estate planning documents that are just as important, says the recent article “10 Steps to Writing a Will” from U.S. Typically, people think about Wills when they marry or have children, and then do not think about Wills or estate plans until they retire. " How You Can Avoid the Most Common Estate Plannig Mistakes.Dying without a Last Will and Testament creates additional costs and eliminates any chance your wishes for loved ones will be followed after your death. “ ‘Signing’ Without Signing What Estate Planners Should Know About the Federal E-Sign Act and the Texas Uniform Electronic Transactions Act,” Pages 1-2, 7-9. " 5 Things You Didn't Know About Life Insurance." " Understanding the Basics of Estate Planning." " Aretha Franklin Died Intestate: What Does it Mean for Her Family?" 40-66.Īmerican Academy of Estate Planning Attorneys. " The Prince Estate: How Intestacy Works, How it Could Work, and How it Fails as an Estate Plan," Mitchell Hamline Law Review: Vol. and Morrison, Beth T., via Mitchell Hamline Edu. Review your plan once a year to make sure it still reflects your wishes and covers all the bases. Tell your heirs how you want them to handle your LinkedIn account, Facebook account, email, and any other website where you have a presence. But you need a secondary beneficiary, just in case. ![]() You may expect to leave everything to your spouse or a child. Make sure they know the practical facts, like who your attorney is and where the will is stored. Talk to your loved ones about your estate plan. Other common mistakes, according to the site Trust & Will, include: It's crucial to have a power of attorney, healthcare proxy, and living will in place. It is equally important to plan for the possibility that you will become incapacitated. ![]() Your loved ones will be thrown into chaos if you die without a will in place and a comprehensive list of your assets and liabilities. The biggest and, sadly, the most common, estate planning mistake is not doing it at all. ![]()
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