When planning your estate, who should have a copies of the documents? Steve Knecht and Randy Vonderheide answer to this commonly asked estate planning question.
Blog: Estates, Wills, and Trusts
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Estate Planning can be a tough road, we discuss one of the common potholes you may encounter on the journey: Beneficiary Designation.
The key to avoiding probate is making sure that you do not hold title to any assets in your name alone at the time of your death and for those assets where beneficiary designations are permitted, that you in fact name both a primary and a contingent beneficiary.
After a long period of neglect, some of the potholes on my street were finally patched. Hitting an unseen pothole with your car can cause you serious time and money. The same is true of estate planning where neglect can cause serious financial harm to your heirs. However, these potholes can be avoided with careful estate planning.
Regardless of its size, a successful estate plan needs the following 5 elements in place to manage your estate.
- A living will stating the care you want if you become incapacitated and unable to make your wishes known.
- A healthcare power of attorney that names someone to make medical decisions for you if you become incapacitated.
- A financial power of attorney granting a person you trust the authority to make financial decisions on your behalf and use your assets to pay your bills if you become incapacitated.
- A will which directs how assets should be distributed upon your death unless the asset...