Most people don’t prefer talking about estate planning, but you must write about how you would like to distribute your assets. Estate attorney Pamela L. Hancock in Ridgeland can help you in the planning. But you should also be aware of the basic things. So in this blog, you will learn about key elements of a sound estate plan.
A Will is a legal document that ensures all your possessions get distributed as you wish after your death. It will ensure that your rightful heir gets your possessions. Even if you have minor children, you can willfully nominate someone to be your child’s guardian if your partner is no more. Also, ensure to update your Will from time to time.
Power of attorney
If you cannot manage your finances or personal affairs, you can hire an attorney to do that for you. This document is essential, especially for singles who do not have a spouse to look after. If you have not designated a power of attorney, the court will decide that for you even when you may not view him as an ideal candidate.
Health care directive
To better understand, it functions similarly to a power of attorney. A power of attorney looks after your finances; health care directives handle your health decisions. It mainly has two documents; one provides instructions for your health care in case you are incapacitated. The other document helps you designate a person who will make decisions on your behalf if you cannot make decisions on your own.
Like your Will, you can designate a beneficiary on your retirement accounts and life insurance policies. Recommendation to review your beneficiary designations at least once a year is advisable. It will help dictate who will receive all your benefits after you pass away.
If you directly do not want to pass your possessions to your beneficiary, then a legal arrangement is made which holds all your assets on behalf of beneficiaries. You can also create trust inside of your Will, which is called a testamentary trust.
Not everyone knows the importance of estate planning and its benefits for you and your beneficiary. Estate Planning will prove to be beneficial for you and your loved ones in the longer run. Estate management can be a bit of a task, so do that wisely and at the right time Learn More