As we wind down the day and head home to spend the weekend with our loved ones, its also a great time to think about the future of your family. Its so wonderful to see our children happy and frolicking, carefree and safe. There is no doubt that as guardians of our children, we all want to try to maintain this security for our family no matter what circumstances may arise.
That is what I do for my child and as an Estate Planning Attorney I suggest the same safeguards for my clients. As you bask in the May sun this weekend, also give some thought to whether or not you have sufficiently created safe guards for your family. Have you enabled your family to inherit your great legacy? To start, you need to update or create an Estate Plan.
Just as any plan B, this provides an avenue for you to express your wishes in regards to transfer of your assets to friends and family as beneficiaries. Estate Plans don’t always have to be about the depressing subject of sickness and death but also provides an avenue for you to creatively transfer your legacy to your loved ones over time. For example, through a trust.
Take a quick minute to look through this list of top must haves in a plan for the future. If you don’t know what some of these are in the list, that’s OK. I’ll elaborate in future postings. Follow my blog if you want to learn more about how these components of an Estate Plan safeguard your family’s future. In the meantime, as I head out to spend some time with my family this weekend, I’ll leave you with this:
Top Considerations in a Comprehensive Estate Plan
- A Will
- A Trust (And NO, this is not just for rich people)
- Beneficiary Designations for Life Insurance and Retirement Plans
- Durable Power of Attorney
- Living Will
- Healthcare Surrogate
- Guardianship designations (especially if you are the single parent of a young child)
- Life insurance
- Other Asset Protection techniques tailored for your circumstances
- Other wealth transfer and tax planning techniques
WARNING: Don’t try any of the above at home. Be sure to consult a professional qualified to help you legally draft your plan for the future.