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What You Might Not Have Known About the Key Components of Starting Estate Planning

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You might have given it a little thought or none at all, but the truth is that when it comes to asset protection Louisville KY, one of the most important proactive steps you can take is starting estate planning early. An estate might sound like something you only have if you’ve become seriously wealthy throughout your life, but in fact, many people with various assets like homes or investments could benefit from having an estate plan with some essential components in place for when they pass.

If You Have Children, Guardianship Plans Are Essential

Those with young children should consider adding guardianship plans to the to-do list right away. Part of estate planning is determining who would become the legal guardian of your children in the event of your passing. Carefully consider this decision and make sure to name backups, too.

A Will Is of Top Importance

Of all the items involved in estate planning, the one you’ve most likely heard about is the will. Your will is basically a legal document that lays out exactly how you want your property to be handled after your passing, so if you have specific desires for your home or personal possessions, it should be spelled out clearly here.

You Should Weigh What To Do About Power of Attorney

Unfortunately, there are sometimes situations where you may not be able to sign legal documents yourself. In these situations, you might want a durable power of attorney, which would allow someone else the legal power to take actions for you. In acting on your behalf, this person, typically a family member or spouse, can make important legal decisions without delay.

Making sure your family is taken care of and your assets are allocated where you wanted after you pass is one of the key goals of estate planning, so even though it may be emotionally difficult or seem complicated, it’s essential to start early. Now that you understand the key components, you can talk with asset attorneys to devise your personalized plan.

 

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Robert B. Wilfong

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