Preparing For Your Estate Planning Appointment
The estate planning process can seem overwhelming at first. If you are getting ready for your first estate planning appointment, it can be less daunting to break the decision-making process down into a handful of categories. Below is an outline of the most important topics for consideration to help you set a solid foundation for your estate plan.
1. Beneficiaries
If you are married, you will likely pass your assets to your spouse. If you are unmarried or if your spouse predeceases you, would you like to leave your assets to children, family members, or charities? It is a good idea to think about where you would like your assets to go in the event that you and your children, if any, all pass away.
If you have minor children, who should manage your assets on their behalf until they reach adulthood?
Are there any specific items that you would like certain individuals to receive upon your death?
2. Guardian
If you have children under the age of 18, who would you like to appoint as guardian in the event that you pass away before your children reach age 18?
3. Executor/Personal Representative/Trustee
Who would you trust to distribute your assets according to your will and/or trust? Spouses typically take on this role for each other, but you may wish to choose a backup or multiple backups in the event that your spouse is deceased or otherwise cannot serve.
4. Financial Representative (Power of Attorney)
Who do you trust to handle your personal business on your behalf such as paying bills, cashing checks, filing tax returns, and so on in the event that you become incapacitated?
5. Health Care Representative (Power of Attorney)
Who do you wish to appoint to make medical decisions on your behalf in the event that you become incapacitated?
6. Living Will
If a physician determines that you are in a terminal state and you are incapable of making your own decisions, you may use a living will to express your wish to receive life-prolonging care, or to receive comfort care only.