You Can’t Take It With You.
What makes for a good estate plan?
Since you can’t take it with you, you must have a plan for how to distribute your assets upon your death.
What does a proper estate plan comprise?
- A Will
- An Enduring Power of Attorney
- A Living Will or Health Directive
A Will
A will is a legal document that you have a lawyer prepare stating your wishes for your assets after you die.
It also names the person you want to carry out the terms of your Will (called the executor). A Will simplifies matters upon your death, ensuring your assets are distributed according to your wishes.
In many jurisdictions, you do not need to have a lawyer draft your Will for it to be valid. However, I still recommend that you not only have a lawyer draft your Will but one who specializes in estate law.
They will be able to see potential issues that you may overlook. If you have minor children — you may also want to name a guardian (s) to prepare your Will.
An Enduring Power of Attorney (POA)
A power of attorney is a legal document that you sign to give a person(s) the authority to…
