Estate plan fuding checklist4/11/2024 If you own your home individually, upon your death, it would transfer as directed in your estate planning documents. If you own your home jointly with your spouse, upon either spouses passing, the full value of the home would transfer to the surviving spouse. Whether your family is blended or not, it is important to choose someone who is trustworthy and will provide an unbiased approach when dealing with family members. Individuals will often name their spouse, but in blended families it can become more complicated. A durable power of attorney is someone who handles your financial affairs when you no longer can. A health care power of attorney is someone you designate to make medical decisions on your behalf if you are unable to do so. A living will is a document detailing your medical wishes should you become incapacitated. It is important to consider how trust beneficiaries will respond to the designated trustee, and how all parties may interact together, especially during an emotional time.Īny complete estate plan will incorporate a living will, healthcare power of attorney, and durable power of attorney. The person you consider should be trustworthy, financially capable and one who will understand your family’s dynamics. Most often a family member, friend or a professional such as a lawyer or accountant is chosen for this role. Upon your death, they are responsible for ensuring that the remaining assets are passed to your loved ones as directed. Your trustee will oversee your assets in the event you become incapacitated. Establishing a trust will allow you to provide for your spouse during their lifetime, and when your spouse passes away, anything documented in the trust will be distributed to the children accordingly.Ĭhoosing a trustee to manage your estate is a very important decision. One way to avoid disinheritance is by placing some or all of your assets and property in a trust.
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