Estate planning is one of the most important — and most often postponed — financial tasks. Many people assume estate planning is only for the wealthy, but the truth is that everyone with assets, dependents, or specific wishes about their care should have a plan in place.
Essential Estate Planning Documents
- Will: Specifies how your assets should be distributed and names a guardian for minor children.
- Durable Power of Attorney: Designates someone to manage your financial affairs if you become incapacitated.
- Healthcare Directive: Outlines your wishes for medical care and names someone to make healthcare decisions on your behalf.
- Trust: Can help avoid probate, reduce estate taxes, and provide more control over how and when assets are distributed.
Common Mistakes to Avoid
- Failing to update your plan after major life events (marriage, divorce, birth of a child).
- Not coordinating beneficiary designations on retirement accounts and insurance policies with your overall estate plan.
- Overlooking digital assets like online accounts and cryptocurrency.
A well-crafted estate plan gives you peace of mind and protects the people you care about most.
Content Disclaimer: Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.