The end of a year and the beginning of a year are times of transition. Many people make amends for anything that happened the year before and are ready to move on to a new year. This time of year also has many thinking about their short or long-term future. This is a perfect time to create an estate plan for those considering the long term. But most people don’t know where to get started.
The team at Puryear, Newman & Morton, PLLC explains the simple steps you can take to create a foundation for your estate plan.
Creating a Will
Creating a will is a great starting point for your estate plan. In a will, you can share how you want particular wishes fulfilled.
In a will, you may initially name a beneficiary to a particular asset, but later, you change your mind. That’s no problem for your estate planning attorney. They will be able to make any changes you want to a will as long as you are in sound mind.
Life Insurance Policies
Including information about life insurance policies is also critical. A life insurance policy will be paid out to a beneficiary or beneficiaries after your passing. It is essential to have the correct names and information about your beneficiaries in this document.
A guardian for the dependents should also be identified. This can be a family member, close friend, or anyone of your choosing. What is critical is to make sure the potential guardian is ready to take on the responsibility of your dependents should you unexpectedly pass.
Naming a Power of Attorney
A power of attorney is more than someone who controls your finances or medical decisions should you become incapacitated. A power of attorney can be someone who makes other decisions and is granted this “power” either temporarily or until a person passes.
Creating a Trust
While a will is a foundation for many estate plans, a trust is also highly beneficial. Multiple types of trusts can give you peace of mind (as well as your beneficiaries). With most trusts, heirs can avoid probate, and not your personal information won’t be made public.
Considering Creating an Estate Plan?
Whether you’re curious about what an estate plan could look like for you, or you have an estate plan but want to make changes to it, Puryear, Newman & Morton, PLLC is here for you. Our experienced will and trusts attorneys can help create an estate plan customized to your specific needs. Let’s start working together — contact us online or by phone today. (615) 933-2366