What does a proper estate plan include?

Video Transcript

I look at a comprehensive estate plan to include planning for passing away and planning for becoming incapacitated. In terms of incapacity, it’s critical that you execute: A power of attorney, a healthcare surrogate and a living will. That way you would have a decision maker in place if you ever became incapacitated and unable to manage your financial affairs and your medical decisions. In terms of passing away, it’s very important that you are determining: Who you want your beneficiaries to be, who’s going to inherit your estate, who’s going to be in charge of administering the estate and who’s going to be in charge of managing the funds that you’re passing on to your beneficiaries. In addition by planning for passing away with a will or trust, you can protect assets for beneficiaries and their potential creditors and divorces. In addition, you can also keep assets within your family blood line by doing the proper planning.

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