As you get older, you will find that you want to take steps to protect your assets. Doing so legally is called estate planning. Estate planning determines how your assets will be preserved, managed and distributed upon your death.
An estate plan can also include information about what you would like to see happen if you are incapacitated and unable to take care of yourself.
What should I include in my estate plan?
There are many kinds of assets that you may wish to protect with your estate plan. Some common assets to include in an estate plan are:
- Houses
- Debts
- Pensions
- Life insurance
- Stocks
- Paintings
Some common parts of an estate plan include a will, a durable power of attorney, a document naming the executor, information about funeral arrangements and many others. Every estate plan is different and will be designed around your life and the goals you have in the future. If you want to save money for beneficiaries, donate to charity or have other preferences, they will be discussed.
When you talk to your attorney about your estate plan, they will discuss the most common parts of estate plans with you to determine if you need to include them in yours. Remember, creating an estate plan is just the first step. You will review it in the future, and you may find that it needs to be updated later. That is perfectly normal, and it is something that your attorney will expect.
Our website has more information on estate plans and when you should begin looking into setting up an estate plan for yourself.