To that end, create a list of your assets, such as your home and other real property, vehicles, checking and savings accounts, retirement plans, life insurance, or other valuable items (such as art, wine, collectibles, cryptocurrency, NFTs, or family heirlooms).
Organizing will also help you be more familiar with what you want to designate to whom once you begin the process. Identifying, itemizing, and organizing your assets and debts can simplify the estate planning process and simplify matters for your loved ones. Establishing these people early on helps you keep the right people in the loop when you are making important decisions, now and in the future. Having an alternate person for the guardianship role and others can serve as a safeguard if the person you name cannot fulfill their obligations.įor any of these roles, make sure that you choose someone you trust and who you feel will be responsible. Therefore, you want to make sure the person you choose is able and willing to take on the responsibilities that this role entails.
Having a conversation beforehand with the person you plan to name for this position is generally a good idea.Īssuming guardianship for minor children or those with special needs requires a significant commitment from the person you name. If you are a parent of minor children or have a special needs child who will need care after they reach the age of majority, you will likewise need to pick a guardian for those children. Depending on the type of trust you choose to establish, the trustee’s role could begin during your lifetime. Suppose, for example, that you choose to establish a trust, whether a testamentary, irrevocable, revocable trust or more than one of these you will need to select the person or people who will act as trustees. Both of these roles play a critical part in your financial and medical well-being.Īnother important position is that of a trustee. On the other hand, if you become incapacitated and are unable to make important financial or medical decisions, the agents you name in your powers of attorney (they need not be the same individual) will be able to handle these matters. The executor of your will, for example, distributes your estate’s assets after your death. Three important roles to consider are who will become the executor of your will after you die and who will be the agents you name in both your durable financial power of attorney and medical power of attorney. One of the most important things to do when getting ready for estate planning is to establish which people in your life will play which roles. The following tips can help you create an estate plan efficiently.
Establishing an estate plan can also make certain issues easier for you and your family during your lifetime should the unexpected occur, including a catastrophic injury, a catastrophic illness, or a chronic illness. Estate planning can feel overwhelming, but it is necessary to ensure your assets are in order and your loved ones are taken care of.
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