How to Create a Full-Proof Estate Plan
Estate planning is the act of preparing for the transfer of a person's wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one's estate. Having an estate plan in place is something we should all do but never know exactly how to create a full-proof estate plan. With the help of the lawyers at Robinson, Seiler & Anderson Law Firm in Provo, Utah and the steps listed below you can have the estate plan that covers everything you need.
Sign a Will
Signing a will is a must when it comes to having a full-proof estate plan. A will can help to ensure that your chosen heirs will get the assets that you want to leave to them. In your will, you name an executor who will have the power and responsibility to pay your debts and distribute the remainder of your estate according to your wishes. If you die without a will, your property will pass to your survivors based on your state’s laws of intestacy. This is your way of making sure that all of your assets are distributed as you wish, even after you are gone.
Name your Beneficiaries
It is important to understand that not all of your assets will pass to your survivors through your will, because some types of property do not go through probate. For instance, if you own a house jointly and your spouse has the right of survivorship (a type of ownership that is spelled out in your house deed), he or she will get your share of the home when you die. That is why it is important to meet with your lawyer at Robinson, Seiler & Anderson Law Firm in Provo, Utah to understand what your beneficiaries can get and making sure your beneficiary forms are up to date.
Create a Healthcare Directive
If your health ever becomes an issue and you are not able to make crucial decisions on your own then you need to have a healthcare directive in place. With a living will, you state the type of medical procedures that you do or do not want. In a DPA for health care, you name a health care agent or proxy who makes sure that doctors and other medical professionals carry out your wishes if you are too sick to speak for yourself.
There are a lot of aspects involved when it comes to having a full-proof estate plan. For more steps and information regarding what should be involved in your estate planning you should schedule a consultation with the experienced lawyers at Robinson, Seiler & Anderson Law Firm in Provo, Utah. We can walk you through every aspect according to your unique wants and needs.