Tips On Making An Estate Plan
All parents are aiming to give the best things in the world to their kids as well as to provide them with a bright and secure future.But life is really out of our hands, and sad as it may seem, it can come to an end anytime without us knowing.So as a parent, you need to prepare yourself as early as you can.Protect your children’s future the best way that you can do.
Some may not even consider the thought of writing a will.It may also be overwhelming for some people.But in reality, making an estate plan is the best thing that you can do to ensure that your children’s future is secured should anything happen to you.Another thing if you have minor children, is the presence of a guardian that you could entrust your kids with.You can start your estate planning through the help of an attorney. They have competent lawyers that can help and guide you with this endeavour.
Here are some tips on how to start creating an estate plan.
A guardian is someone who can look after your kids in case something happen to you.You can indicate his or her name as you write a will.Consider someone who is trustworthy enough and someone you are sure that could love and take care of your kids as much as you do.
A revocable living trust is usually the one being utilized.You will have to designate a trustee who will then have the right the manage your funds and properties upon your death.He or she will make sure that the needs of your minor children like education, medical, and other necessities are all taken care of.You will also have to indicate at what legal age your children can take over your properties. In a revocable living trust, you will still have the full authority over your assets while you are still living and you can revoke the trust anytime you want if you decide to.
DURABLE POWER OF ATTORNEY
The presence of a Durable Power of Attorney will be very helpful in case you get incapacitated.The person that you designate can make decisions regarding medical and financial on your behalf.
Make sure that the designated beneficiaries to your insurances, financial accounts and other assets that require a beneficiary are all updated.