An estate plan is a way for people to ensure the proper designation of their property when they pass on. To do this effectively, there are several things to consider when creating an estate plan.
For those in blended families, there are specific, critical designations. To create a quality estate plan, become familiar with these designations.
Power of attorney
Your power of attorney is an essential part of fulfilling your wishes. This party essentially takes over your decisions in the event of incapacitation. If you previously denoted your ex-spouse for this position, you may consider making a change. Keep in mind that the power of attorney must meet and uphold set requirements by the state. Otherwise, the court may revoke that person’s ability to fulfill the position. You should also be cautious of the executor you choose to handle your estate once you have passed.
After such a massive life change as a new marriage, it is important to check and revise all your plans and policies. Make sure you properly denote the beneficiaries to your estate, as well as the allocation of your assets. Keep in mind that changing the beneficiaries for your estate plan will not affect other policies that denote beneficiaries, such as any insurance plan you may have in place. That is why it is important to revise all of them individually. You may also consider creating a trust for your children to ensure they receive any funds you want to designate to them specifically.
Though you may be deeply connected to your new mate, you may not be as connected to all those who are close to them, and vice versa. Including a list of important contacts in your plan can make it easy for your loved ones to get in touch with them. At such a time of grief, this little act can go a long way.
These are a few of the most important aspects to consider. However, they do not encompass all the important parts of the estate plan. Therefore, it is important you take your time to consider all your assets and the best way to protect them.