Must Haves for Estate Planning
Most individuals believe that by drafting a will or a trust their estate planning is complete. Items that every estate plan should have are: a will/trust, durable power of attorney, beneficiary designations, letter of intent, healthcare power of attorney, and guardianship designations. The main aspect of an estate plan is a will or trust that should be written consistent with the manner you have given assets outside of the will to try and ensure that there will not be a will contest. To ensure that an agent or person can act on your behalf in the event of injury or disability, it is important to draft a durable power of attorney. It is also important to have a beneficiary on retirement accounts, insurance plans, and other accounts to ensure that a court will not be left to decide the fate of your funds. A letter of intent details what you want done with a certain asset after death or incapacitation and may also include details of a funeral. You should choose an individual to make important healthcare decisions for you in the event of incapacity and include this person in a healthcare power of attorney. You should choose a guardian if you have children or are planning to have children to ensure that the court will not become involved and choose a guardian you would not approve of.
To learn more about this article, visit 6 Estate Planning Must-Haves.
For more information on estate planning, please contact an estate planning attorney of Wood, Atter & Wolf, P.A., in Jacksonville and Ponte Vedra Beach, Florida.
