4/14/2024 0 Comments Estate planning checklist schwabThere are two other options you may want to consider when putting together an estate plan: a finaincial power of attorney and a healthcare power of attorney. If the POA is effective immediately, your agent may act even if you are available and not incapacitated. Springing POA: Only effective once you are declared incapacitated.Immediate and durable POA: Effective immediately and remains effective after you become incapacitated.Non-durable POA: Effective immediately, lasting until you become incapacitated.The person you appoint with the authority to act on your behalf is the attorney-in-fact, while you're the principal who delegates the authority.ĭepending on how it is worded, a POA can either become effective immediately or in the future. For these reasons, it is recommended that you talk to an attorney to discuss whether a living trust or last will is right for you.Ī power of attorney is a document that appoints someone you trust to handle your financial or medical affairs. A trust can also involve more upkeep because your assets need to be titled in the name of the trust. But unlike with a will, a living trust can allow your heirs to avoid probate court. If not, the court may decide who becomes the executor of your will.Ī living trust is similar to a will in that you choose how your assets are distributed. ![]() If for any reason your executor can't carry out their duties, you'll need to have a backup appointment. It's also a good idea to name at least one successor executor, ideally someone younger than your first choice. Mentally fit, so the responsibilities of executorship will be within their grasp.Financially stable, so they're not seen as a risk to your estate.Responsible, so they can use good judgment to carry out your wishes.Look for people close to you who you believe to be: This individual will be responsible for ensuring the stipulations in your will are carried out according to your wishes. When it comes to choosing an executor, or manager, of your estate, it's important to pick someone you trust. Appoint someone you trust to be the guardian of your minor children.ģ.Designate who will get any property that hasn't been handled through joint ownership or a beneficiary designation. ![]()
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