You would likely have opted for estate planning when asked how you should secure and protect your estate. Estate planning allows one to enlist all assets and properties along with the people who will inherit the estate. While it may sound simple at first, there are some crucial aspects about the same.
For instance, there are some essential documents for an estate plan. One should first contact an estate lawyer in Ridgeland before drafting any document in their estate plan. Below is a list of items you must check to add to your estate plan before finalizing it.
Will or trusts
Will or a trust is the stepping stone of any estate plan. The first step any lawyer in Ridgeland would advise you to do will be regarding will or trusts. They will ask you to create valid wills and trusts.
Wills and trusts are a way to map all your assets and enlist beneficiaries for the same. For instance, you can create a will to state your wishes along with each asset and beneficiary. On the other hand, a trust will designate your assets in a trust fund or to a trustee who will distribute your assets on your behalf in case of severe medical condition or death.
Power of attorney
A power of attorney can help one state their wishes and nominate another person to make decisions on their behalf if they are not in a state to do so. Without a power of attorney, the court will decide the course of decisions based on different factors, and it will be likely that one’s interests will not be in place.
You can also create a healthcare power of attorney by choosing another person to make medical or health decisions on your behalf. You should pick someone you trust. For instance, you can pick your family members or close friends to decide for you.
A guardianship designation document may allow you to select guardians for minors. If you have minor children in your home or are planning to have a child, it would be in your best interest to consider guardianship designation.
You can choose an individual or a couple. You must pick someone who is financially sound and ensures to take care of children if something happens to you willingly. It would also be helpful to name a contingent guardian as a backup plan for the children.
As a result, the documents mentioned above are a must-have in each estate plan. Such plans can help you protect your best interests and assure a genuine future for your children in the case of guardians.