Whether you're young or old, whether you're married or single and whether you have children or not, you need to have an estate plan if you're self-supportive adult. Failing to complete an estate plan means a lot of difficulties and unnecessary costs, delays and disagreements could be in store for your loved ones.
Just having an estate plan, however, isn't enough. Your estate plan needs to be complete and include all the essential elements, including the following three components:
Guardianship arrangements for your children: If you have minor kids, the most important part of your estate plan involves deciding who will take care of your children. Be careful to select an appropriate guardian who you trust to raise your children as well as you are raising them. Also, include alternative guardians in the event that the person you've chosen is unable to fulfill the responsibility.
Choose an executor: In addition to selecting a guardian, you'll also need to select an executor who will manage the administration of your estate. The role of executor can be difficult and complicated, so make sure you choose a suitably responsible person who is capable handling all the tasks involved. Also, like your guardian choice, select alternative executors.
Create a medical power of attorney: If you become incapacitated as a result of an unexpected health event, someone will need to make decisions on your behalf. This could result in family disagreements that might have to be resolved in court if multiple family members disagree on how your medical care should proceed.
Do you have an incomplete estate plan? A Tennessee probate and estate administration attorney can assist you in creating a suitable plan that services all of your goals and needs.
Source: Forbes, "10 Essential Estate Planning Tips Everyone Should Know," Teresa Mears, accessed Oct. 27, 2017