Things to focus on when creating your first estate plan
Regardless of your age, when it comes time to create your first estate plan you will be dealing with many emotions.
On one side of things, you’ll be glad that you are taking all the right steps toward putting this in the past once and for all.
Conversely, it’s only natural to have questions and concerns about what you are doing.
Here are some of the many things to focus on when creating your first estate plan:
- Decide between a will and trust. There are pros and cons of both options, so you’ll want to compare the finer details to ensure that you make the right decision for you and your family.
- Name beneficiaries. Simply put, you need to decide whom to leave your assets to upon your passing. This is easy for some people, but more difficult for others. Consider all your options before deciding.
- Create a power of attorney. This is something that can benefit you while you are living, as it gives another person the ability to make decisions on your behalf should you become incapacitated.
- Talk it over with your family. For example, if you are married, you’ll want to discuss your estate plan with your spouse. If there is anyone who needs to know about your plans, make sure you keep them informed.
- Think about your children. If you have minor children, for example, you’ll want to name a guardian. Or if you have a special needs child, it may be time to learn more about creating a special needs trust.
These are far from the only things to focus on when creating your first estate plan, but these details will at least put you on the right track.
Since everyone is in a unique position, you need to focus on what’s most important to you.
Final tip: You shouldn’t hesitate to create an estate plan, as this is something you need in order to put your mind at ease and to ensure a better future for your loved ones.
When it’s time to create your first estate plan, don’t wait to take action.