The act of nning is an essential duty for an adult. Everyone should create a complete estate plan in place so they will be able to take the care of their loved ones in the event of their passing. The following video highlights the common elements of an estate plan.
Many people think that estate planning has to have to do with dying, but this isn’t true. When the creator is in a state of decline, an estate plan can also take charge of their needs. This is done through the setting up of a powers of attorney for health care and one for financial affairs. A medical directive is also included which outlines the patient’s desires on all healthcare services if they’re unable to make decisions to themselves.
Trusts transfer assets to recipients named by the trust. You are able to determine the rules of the distribution. The assets that are held in trusts can be transferred without probate so the beneficiaries can get them faster.
Parents need to include a guardianship designation in the estate plan. The designation names someone who will care for their children in the event that both parents die.
An estate plan for your personal needs can be created based on the preferences of the creator. Anyone who isn’t a member of an estate plan should consult an estate planning attorney to have one drawn up.