Many Kent area residents have taken the time to create an estate plan. There are many reasons why an estate plan is essential for all families and we'd like to take the time to review a few important estate planning steps.
Estate planning is important for a family to protect their interests. While working through completing an estate plan, there are important matters to keep in mind. First, enlisting the help of a qualified team is important. Whether that includes financial planners, attorneys, etc., having expert advice is always a good idea.
A will needs to be created because it spells out who will receive a person's assets instead of state laws deciding. Beneficiaries should also be reviewed to make sure they are accurate. It is common for ex-spouses or relatives who are no longer alive to be listed as beneficiaries.
A durable power of attorney should also be established in an estate plan. The designated person would be in charge of the testator's affairs if they become incapacitated. Healthcare issues should also be dealt with, which include designating a healthcare proxy and an advanced directive. A healthcare proxy would make medical decisions on a person's behalf, while an advanced directive can list medical procedures a person would and would not want and wishes for end-of-life care.
Finally, organizing all of this estate planning information is important. All estate planning documents and plans should be organized and shared with an executor and secured in a safe place.
Estate planning is critical in making sure a person's wishes are followed in the event of their incapacitation or death. Although no one wants to consider these situations, knowing that a plan is in place can be reassuring.
A legal professional who is skilled in estate planning can help their client create a plan or update an existing one that is unique to their situation. An attorney understands how important an estate plan is and can make sure their client has a plan that matches their needs.