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2 estate planning must-haves you shouldn’t overlook

On Behalf of | Oct 25, 2023 | Estate Planning

In the ever-evolving landscape of financial security, estate planning stands as a foundational pillar for individuals and families alike.

It’s an essential tool to help preserve your legacy and to better ensure that your hard-earned assets are distributed according to your wishes. As you embark on estate planning, you should know the must-haves you shouldn’t overlook, as making this effort can help you to avoid missteps that too many adults unintentionally make when it comes to crafting their legacy.

A comprehensive will

Your last will and testament can specify how your wealth should be divided and who will be responsible for carrying out your wishes. Therefore, it should leave no room for ambiguity. Clearly outline who gets what, down to the last detail. Be specific about your assets, beneficiaries and any conditions or restrictions.

While you’re at it, don’t forget to appoint an executor who can be responsible for managing your estate and can ensure your wishes are carried out. Choose someone you trust implicitly, as this role requires responsibility and integrity.

Most importantly, if you have children who are minors, your will is where you can name a guardian for them in case something happens to you. This is a critical decision that helps to ensure your children’s well-being.

Revocable living trust

A revocable living trust can enable you to manage certain assets during your lifetime and seamlessly transfer them upon your passing. This estate planning tool is a must-have because it bypasses the probate process, which can be a lengthy and expensive legal process. By bypassing probate, your assets can be distributed to your beneficiaries more swiftly.

The importance of these two must-haves cannot be overstated; they form the bedrock of a solid estate plan. So, don’t delay – take action now to help protect your future by seeking legal guidance accordingly.