Everyone’s heard of a Last Will and Testament. It’s in all the old mystery novels, when there’s a high profile murder and everyone’s huddled around the fire listening to the Executor read the deceased’s will aloud. It’s in those new television shows, when there’s a huge mystery surrounding who in the family (or on the outside!) will inherit the shares of a huge CEO’s company after his death. But when it comes to Estate Planning, there can actually be several other documents involved fairly often.
As Time.com outlines, there’s several steps to creating an Estate Plan besides taking the time to think about and outline what you would like in your Will. Time.com lists these 10 steps they consider necessary:
1. Understand why you need a will
2. Take inventory and pick your team
3. Draft your will
4. Name an executor
5. Assign power of attorney
6. Create a living will
7. Assign healthcare power of attorney
8. Update your will
9. Communicate with your heirs
10. Decide if you need a trust
All in all, Time.com’s suggestions ensure that you think about who you want to inherit your assets, who you want as guardians for your children should you and their other parent become incapacitated or deceased, who you want to make your financial decisions, who you want to make your healthcare decisions, and who you want to be the Executor.
Danna & Associates, PC is a law firm that has specialized in both Estate Planning and Elder Law since 1994. This combination of fields of law mixed with over 23 years of experience allows us to provide you with an individualized Estate Plan to meet your needs. Call 718.273.0300 for your free consultation today!
For the article, click here.