When most people think about estate planning, they often think about will drafting and asset distribution, which is true. The main function of an estate plan is so that testators can have their last wishes fulfilled. However, estate planning can be much more than merely plans for asset distribution.
If you’re making an estate plan, you may want to know about all of your options. Here are some of the additional things you can do:
1. Select a child’s guardian
If you have young children, then you naturally worry about their future. You may have included them in your will or trust. However, you might also consider naming a child guardian. A child guardian is a representative who could take care of your children until they become adults if you and your children’s other parent pass away before the children are grown.
2. Assign powers of attorney
While many people don’t see that their estate plan will be useful for many years, there’s always the possibility of accidents early in life. In other words, if you suffered an injury or medical condition that would leave you incapacitated, then you may need a power of attorney. A power of attorney is an agent who can act on your behalf and handle medical and/or financial decisions until you recover.
3. Make a business succession plan
If you own a business, you may consider leaving what you created behind to your children. It’s very common for business owners to want to keep their businesses in the family. A business succession plan can help smoothly transition your business to your successors without disrupting businesses or business partners.
What you do with your estate plan now can have a large impact on your future. You may need to reach out for legal help as you discuss your options.