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Components of a Comprehensive Estate Plan

Components of a Comprehensive Estate Plan

An estate plan is not fully effective unless it is comprehensive. Finding out too late that something is missing could cause legal issues for your family. Here is what you need for a comprehensive estate plan.

Wills

Your will specifies the division of your assets after you die. It is the governing document that expresses your own wishes. Without it, the court would decide who gets what from your estate.  This is perhaps the key piece of estate planning that nobody can be without. The will could also cover things like your funeral plan and your wishes for your children.

Power of Attorney

Your estate plan does not just take over when you die. It also helps your family as you are no longer able to make decisions. A power of attorney designates an agent to act on your behalf for things such as financial decisions. The alternative is that the court would select a guardian, taking control out of the family’s hands.

Beneficiary Designations

Certain assets are not included with the will. Things such as a retirement account and life insurance do not have to go through probate. This is a good thing, but people should make sure that they have selected beneficiaries and that they are current.

Healthcare Power of Attorney

It is also crucial to designate one family member to make healthcare decisions. While they would presumably consult with the rest of the family, there needs to be one person with the final say in order to avoid conflicts and problems.

Seek Help from Experienced Boca Raton Estate Planning Lawyers

To start the process and get advice on your estate plan, contact the attorneys at Rubio Findley PLLC online or call us at 561.220.0741. It is never too early to begin working on your estate plan.

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