What does a proper estate plan include?
When you meet with your Hoffman Estates lawyer to discuss estate planning, there are certain things your plan should include.
Estate Planning Process
An estate plan includes a will or trust, a durable power of attorney should someone need to act on your behalf, names of your beneficiaries, a letter of intent outlining the details of your funeral and any other special requests, a healthcare power of attorney in case you are incapacitated, and guardianship designations if you have children.
An estate plan should include all the property you own, including proceeds from any life insurance policies, retirement plans, and so forth. The entirety of your estate is the total of all your assets before deducting any debts.
Property that is considered tangible, that is, those things you can physically touch, is included in your estate plan. Here are some examples of tangible property:
Property that you cannot physically touch, called intangible property, is also included in your estate plan. Here are some examples of intangible property:
- Financial investments
- Insurance policies
- Interests in a family business, partnerships, and the like
- Retirement plans
- Stock options
Real property, such as your land, your home, and any rental properties you own, should also be included in your estate plan.
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