The complexities of estate planning often lead to overlooked details. When you want the confidence that your estate plan is comprehensive, there are a few components you should address.
There are four steps you should not overlook.
1. Choose a secondary executor
You may not consider what happens when the executor you choose predeceases you or cannot serve in the role. Without an appointed executor, the court assigns one during probate. Avoid this risk and potential delay by adding a secondary executor as part of your estate plan so that there is someone else to take the role.
2. Address your end-of-life wishes
Many people struggle with having end-of-life conversations and making those decisions. Save your family from the uncertainty of trying to determine what you want. Establish your end-of-life wishes as part of your estate plan so that your family knows if you want life-sustaining care or resuscitation and life-saving intervention.
3. Include your charitable contributions
If you plan to leave money to a charity in your memory, include that information in your estate plan, including establishment of a trust for the charity if necessary. Your estate planning attorney can guide you through the best means for establishing your contributions.
4. Talk with your family
The hardest part of estate planning is talking with your family about your wishes and plans. Make sure that several close family members know your wishes and where to find all of the necessary documents. Talk with anyone you appoint as executor so they understand the expectation as well.
Estate planning is about more than writing your will. These are important steps in the process.
