Estate Planning Basics
01.Wills and Beneficiaries
A Will is a legal document specifying who inherits your assets and who becomes the guardian of your children if you pass away. Without a will, a state court decides these matters, which can lead to delays and conflicts.
02.Beneficiary Designations
For bank and retirement accounts, you can name beneficiaries directly. These designations override your will and allow the funds to transfer to your heirs immediately without passing through court (probate).
03.Power of Attorney
Establish a Financial Power of Attorney and a Healthcare Proxy. These documents name a trusted person to make decisions on your behalf if you become temporarily incapacitated due to illness or injury.