Take part in National Estate Planning Awareness Week and be prepared for your future. If you have questions or would like to make an appointment to discuss estate planning for you or a loved one, please don’t hesitate to contact our office at 1 (800) 680-1717. Share the location of important documents, such as your Will, Durable Power of Attorney and Health Care Directives, with trusted individuals.Īn estate plan is a valuable asset that can help protect you and your loved ones, so make sure to talk with an experienced estate planning attorney to ensure your wishes are properly documented and legally binding. Communicate your Wishes: It’s important to discuss your estate plan with your loved ones and those involved in executing it.Explore strategies to minimize estate taxes and maximize the wealth transferred to your heirs. Consider tax implications: Consult with a tax professional to understand the potential tax consequences of your estate plan.Life events such as marriage, divorce, births, or deaths may require updates. Review and update Beneficiary Designations regularly: Ensure your beneficiary designations are up to date and reflect your current wishes.Set up a trust or custodial account to manage their finances until they come of age. Plan for Minor Children: If you have young children, designate a guardian who will care for them in the event of your death.Create a Trust: Depending on your circumstances, establishing a trust may provide additional benefits such as avoiding probate, protecting assets, or managing inheritance for minor children or beneficiaries with special needs.In a Living Will, state what treatment you want and do not want if you are terminally ill or in a persistent vegetative state with no likelihood of recovering. Choose a trusted person to act as your health Care Proxy. Set up a Health Care Proxy and Living Will: In a Health Care Proxy, outline your preferences for medical treatment in case you are unable to communicate your wishes.Consider providing for successor agent(s). Consider both a durable power of attorney for finances and a health care proxy for medical decisions. Establish a Durable Power of Attorney: Appoint someone you trust to make financial decisions on your behalf if you become incapacitated.Ensure they align with your current wishes. Designate Beneficiaries: Review and update beneficiary designations on your bank accounts, retirement plans, and life insurance policies.Be sure to appoint an executor to carry out your wishes. Create a Will: Draft a legally binding document that specifies how you want your assets to be distributed after your death including contingency provisions.
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