As you get started with estate planning, it’s natural to focus the majority of your attention on your assets and what you want to happen to them upon your death. While this is important, both to you and your loved ones, it’s far from the only thing to take into consideration.
Here are some of the many other things your estate plan should touch on:
- Naming a guardian for your children: Should you and your spouse pass on before your children reach the legal age of 18, the person you name as guardian will step in to raise them. Your children are your pride and joy, so this is extremely important when creating an estate plan.
- Incapacity planning: No one knows what the future will bring, so you should use your estate plan to address this uncertainty. For example, use a healthcare power of attorney to name an agent. This person has the power to make medical decisions on your behalf in the event of your incapacity.
- Pet planning: More people than ever are writing their pets into their estate plan. If you’re concerned about what will happen to your pet if you pass on before them, you can address this in your estate plan.
Take all the steps necessary to ensure that your assets end up in the right hands, but don’t let this steal all your focus when creating and maintaining an estate plan.
Once you have a comprehensive estate plan in place, you and your loved ones will have peace of mind regardless of any challenges the future may bring.