Everyone has an estate, no matter how big or small. You may believe that it's unnecessary to protect your estate if it's not very large, but that couldn't be further from the truth. People who have loved ones who they'd like to have become their beneficiaries in the future and those who have children who need guardians will all benefit from estate plans.
When you are killed, die or are incapacitated, your estate plan will help carry out your wishes. Without it, those around you may not know what you want to see happen to your home, your children or to your assets. These are the main reasons why you need to start building your estate plan as soon as you can.
What should my estate plan contain?
Every estate plan should contain information such as:
- The name of a guardian or inheritance manager for minors
- Instructions for your funeral, care or other needs
- How you'd like to care for a loved one with special needs after your death
- The location of assets or identifying information on trusts
Every estate plan is going to be different, so the most important thing to do is to begin with your basic plan and to add to it if and when necessary. You can review your estate plan regularly, making sure to update it with major life events.
Your attorney will talk to you more about the factors that impact your estate and how to make sure your estate plan does all it can to protect your loved ones, your personal assets and more.