![]() Discuss this situation with your estate attorney and consider naming a backup guardian for your dependents.Ī trust is a legal container that’s designed to hold money and other assets for your heirs. ![]() Also, know that naming a couple as co-guardians could get tricky if they divorce. You can name a third party, such as a trustee, to oversee money or assets until the child is old enough to manage their inheritance themselves. In addition, remember that they don’t have to be the person managing a child’s inheritance. If no guardians are named in your estate plan, a probate court a may appoint guardianship for you.īefore you name a guardian, make sure you talk to them ahead of time to get their consent. These may include minor children, a loved one with special needs, or aging parents under your care. The next step on the estate planning checklist is to consider who you’d like to care for your dependents (if any) at the time of your death. 3. Establish guardianship for your dependents A will is an important part of your estate plan, but an estate plan provides an overarching strategy for your end-of-life healthcare directives and asset distribution. Pro tip: Don’t confuse will preparation with an estate plan. In this document, you can name beneficiaries, designate guardians for minor children, and identify an executor for your estate - this person will be responsible for carrying out your wishes according to your will. ![]() Last will and testament: A last will and testament is a legal document that includes your wishes for your possessions and dependents following your death.Financial durable power of attorney: A financial durable power of attorney (DPOA) gives you the ability to make financial decisions in your name and on your behalf if you’re unable to do so yourself.A healthcare Power of Attorney (POA) document - also known as a medical POA or healthcare proxy - assigns an individual of your choosing the power to make healthcare decisions for you if you can’t make them yourself. A living will: Also called a medical care directive, a living will outlines the medical treatments you do and don’t want to accept at the end of your life.An advance healthcare directive often contains two documents: a living will and healthcare power of attorney (POA). ![]()
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