Don't underestimate the importance of an estate plan for your loved ones. It also comes in handy before you die, as you can use it to provide specific orders if you become incapacitated. According to Law Depot, almost three-quarters of Americans don't have an estate plan as many feel they don't have enough assets to plan one. If you don't have an estate plan you should prioritize obtaining one to secure your assets and ensure your intentions are legally recognized and executed. Here are things to include in your estate plan.

Official Documents

Your estate planning should include official documents that detail your wishes. The two most common documents people use are a will and a trust. Wills are the simplest ones to create, but you should still protect yourself by having a lawyer present. After all, the laws that make a will legal can change from state to state. A trust fund is better for people with more complicated estates who want their beneficiaries to receive their assets faster with less tax liability. Trusts are also private, while wills usually are made public.

Named Beneficiaries

Make it clear who you want your assets to go to. In your estate planning, you should name your direct beneficiaries or heirs who'll receive your financial or property assets. If some of your beneficiaries are still underage, you can appoint a trustee or guardian to handle their assets until they're of legal adult age.

Power of Attorney

You may want to name someone as a power of attorney. A power of attorney is someone who can speak on your behalf when you can't. It comes in handy if you become incapacitated by illness or a coma. In this situation where you are still alive, you want someone you trust who can keep your best interest in mind and protect your beneficiaries.

Designated Guardianship

If you have underage children, you may worry about who would care for them upon your passing, especially if you and the other parent pass at the same time. Protect your family by appointing a guardian to care for your children in the event of your death. If you have a terminal illness, you should quickly appoint a guardian to avoid issues or fights upon your death.

You don't have to handle your estate planning on your own, as there are legal professionals who specialize in this task. Our estate planning firm has over 30 years of experience. Contact our team at L. Scott Berkoben, P.A. for a free consultation.