When forming an estate plan there are several important decisions necessary. The first is simply, what type of plan do I need? What documents are appropriate? This is a decision I would recommend discussing with an attorney, but anyone over the age of 18 needs a power of attorney. Then it’s important to look at how you will avoid probate and if you need a will or a trust. But no matter the type of plan or documents there are some basic decisions you might need to make.
Who will be making medical decisions for you if you cannot? Do you have a backup?
What medical decisions would you want for yourself? Anything specific that you would want communicated?
Who will be making financial decisions for you if you cannot? Do you have a backup?
Do you want the person making financial decisions to have immediate decision making power? Or do they need a doctor to verify you can’t act for yourself?
Who will be making decision over any businesses you own?
Who will be taking care of the welfare of any minor children?
Who will be taking care of the financial decisions for any minor children?
Do any of your beneficiaries need age or income limits for when or how much money they will receive? If so, what ages or how much is appropriate?
The list could go on and on regarding the decisions you’ll find yourself making when forming an estate plan, but these are a great place to focus and give shape to your plan.