As the rate of COVID deaths is dropping due to the availability of vaccines, we are hopeful about what the future holds for us. That being said, it is a good time to review your estate planning documents.
We have made an ultimate estate planning documents checklist for the people who simply need to revise their terms, along with those who need to start from the beginning. Whatever category you fall in, we have got you covered.
Make Sure to Write these Estate Planning Documents
Here are the crucial estate planning documents you should make sure to write:
- Wills would address how your assets should be distributed after you pass away.
- Power of Attorney is an equally important document. A power of attorney will let another individual handle your finances and medical decisions in case of your decapacitation.
- Trusts are worth considering in case you have children, and you want to pass on your assets.
What Might Happen if you Pass Away Without Estate Planning Documents?
If you fail to create an estate plan before you pass away, your “closest distributee” would be in charge of overseeing your estate as it passes through the probate. That distributee usually is the spouse or children.
The first in line to inherit the assets are the surviving spouses, children, grandchildren, and great-grandchildren if the deceased does not have an estate plan in place. Also, the adopted children stand equal in inheritance as the biological children.
If the deceased doesn’t have any surviving children or spouse, the probated estate will be passed on to the surviving parent.
Contact a Knowledgeable and Experienced Attorney
If you are interested to know more about the estate planning documents checklist, contacting a knowledgeable estate planning attorney is always a good idea.
Contact Keystone Asset Protection and Estate Planning today to protect your assets, preserve your hard work and receive your due rights.