Drafting a will or making a trust does not imply a comprehensive estate planning.
In fact, these are just the initial steps.
In order to enable your heir or heirs receive the benefit of the estate, here are some items which cannot be obliterated. These make the indispensable part of every estate plan.
Wording of a will or trust is of immense significance. Every aspect should be taken care with scrutiny. Legal norms should be followed.
Power of attorney
The power of attorney needs to be durable. This implies that perchance if you are disabled that agent or person will be assigned duties on your behalf. If you fail to decide the same, it may leave the decision of the court, which then has the decisive power.
Designation of the beneficiary
It is imperative that you have intended in your will with respect to every possession you have. This implies to all insurance as well as retirement accounts.
If you have any special request with respect to you reaching to deteriorating or death, it must be clearly mentioned in the letter of intent. You are required to assign the letter to the executor or beneficiary.
Health care power of attorney
The health care power of attorney has the designation to make health care decision in case you are incapacitated. Trust is the bottom line when you are choosing this individual.
Designation of Guardianship
If you have kids or are planning to have them, this is mandatory for them.