What is the first step in estate planning?
What is the first step in estate planning? Step 1: Sign a will
You need one to ensure that your chosen heirs will get the assets that you want to leave to them. In your will, you name an executor who will have the power and responsibility to pay your debts and distribute the remainder of your estate according to your wishes.
What are the four important estate planning factors?
- Durable power of attorney.
- Beneficiary designations.
- Letter of intent.
- Healthcare power of attorney.
- Guardianship designations.
What are the four must have documents?
- Revocable Trust.
- Financial Power of Attorney.
- Durable Power of Attorney for Healthcare.
What are three elements of an estate plan?
- Last Will & Testament. Your Will governs the distribution of assets which are solely in your name, through the legal process known as probate.
- Durable Power of Attorney.
- Advance Health Care Directive.