An estate plan is the often complicated legal documentation of your assets and last wishes. You’ll have to make a lot of decisions when detailing every fine line of your estate plan. While your estate plan doesn’t have to be the last you make, after your death, the final plan you make will be what’s evaluated by the court.
One of the biggest considerations isn’t just what’s included in an estate plan but who is included in an estate plan. Here’s what you should ask yourself:
1. Who will you name as an heir?
You don’t have to just name one person as your heir. You may have a large family, full of kids and grandkids, you want to provide for or maybe you only want to provide for one member, such as your spouse.
2. Who will be the executor of your estate?
You’ll hold onto your estate until the very end, but once you’ve passed away, you’ll have to entrust it to someone else until the probate process is over. That means designating someone you trust and who is responsible just as much as yourself.
3. Who will be your power of attorney?
A power of attorney should have your best interests in mind. In an extreme situation, you’ll have to entrust your life and finances to someone who you know will make the right decisions.
4. Who will create your estate plan?
This legal documentation isn’t something you should try to create on your own. There are a lot of possibilities to explore. You need to have someone experienced in the law when planning out your estate so that you can protect your future — and your family’s future.