There are several types of POAs, but two common ones are financial and medical powers of attorney. With a POA, you’re giving an appointed person the legal authority to make decisions for you in case you cannot make decisions for yourself. Thoughts of incapacitation can be overwhelming, but it’s good to be prepared. #3 Set Up a Power of AttorneyĪ power of attorney (POA) is an excellent resource for ensuring you’ll be taken care of if you become incapacitated. Anyone can be your executor: a close friend, relative, or even your adult child. A trustee serves a similar function as an executor, for a trust. An executor is a person who carries out your will and goes through the probate process once you’ve passed away. Your executor should be someone you trust to follow the guidelines in your will. In your will, you can also appoint an executor of your estate. #2 Appoint an Executor of Your Estate or a Trustee of a Trust Already have a trust? Consider updating it. This is an effective way for many people to create an estate plan that provides a soft landing to surviving loved ones. A trust a contract with yourself or your spouse to retitle your assets into the name of the trust, so you can avoid probate. You could also consider creating a revocable living trust. You should reflect those changes in your will. As time goes on, your wants and needs change. Already have a will? Remember to update it. Thinking about death isn’t pleasant, but protecting your assets and-more importantly, your family-is crucial. A will is a legal document that states how you’d like to distribute your assets once you’ve passed away. If you don’t already have a will, now is the time to make one. Here are seven items to check off your 2023 estate plan to-do list: #1 Create or Update Your Will or Trust 7 To-do Items for Your 2023 Estate Planning Checklist Continue reading to view our 2023 estate planning checklist. Life passes by in a flash, so don’t wait to plan for your future. Maybe you’ve been thinking of some resolutions to commit to, and creating or updating your estate plan is a fantastic starting place. The start of the year is a great time to begin estate planning and getting your financial affairs in order. Just remember, as the new year comes and goes, it’s time for fresh beginnings. The holiday season is a joyous time, but it becomes overwhelming and stressful all too quickly. You’ve got a lot on your plate, from gift shopping and preparing large family dinners to ringing in the new year. With the holidays coming and going, you’re probably busy.
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