As you work through the estate-planning process, consider seeking insight and advice from your attorney and your tax advisor.
Create Your Will
In addition to creating a distribution plan for your assets, a will gives you the opportunity to select an executor and name guardians for any minor children or dependents.
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Designate Your Beneficiaries
Update your beneficiary designations on a regular basis, especially following major life events, such as births, deaths, marriages and divorces. Inform all beneficiaries of any plans in which they are designated. Consider a Stretch IRA to create a source of income for several generations of your family.
Create a Health Care Directive
Also known as a living will, a health care directive provides explicit and legally binding instructions as to whether or not you wish to receive life-sustaining medical treatment should you become incapacitated or terminally ill.
Appoint a Power of Attorney
A durable power of attorney authorizes someone you trust to handle your financial matters should you become incapacitated. Update your power of attorney documents on a regular basis to ensure that they remain compliant with current laws.
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