When it comes to estate planning, there are many things to consider. Whether it’s ensuring that all your loved ones are properly provided for or entrusting the right person with managing your estate, there’s a lot on your plate. Planning for your future is a complicated process, but it’s important to make sure you don’t overlook anything. Working with a trusted estate planning lawyer can help ensure that all your bases are covered and that you take into account all the estate planning considerations that are necessary to give you peace of mind.
A Few Often-Overlooked Estate Planning Considerations
Power of Attorney.
A power of attorney is a document that allows another person to make decisions on your behalf. There are several types of power of attorney, but two of the most important are financial power of attorney and medical power of attorney. The former allows your agent to make decisions about your money and property on your behalf, while the latter allows your agent to make healthcare decisions for you if you should become incapacitated. Powers of attorney are especially important because, if you don’t draw them up, you will have no say over who makes life-impacting decisions on your behalf.
Insurance Policies.
Another important item on your estate planning considerations checklist is to make sure your insurance policies are up-to-date. Insurance policies are payable directly to their listed beneficiaries upon your death, so you’ll want to be sure that they are going to the right person.
Tax Exemptions.
When it comes to negotiating the tax laws concerning transferring your assets to your loved ones, you’ll need to stay current. The laws concerning such issues as exemptions for the estate tax and gift tax are constantly shifting and you don’t want to get stuck with a huge tax penalty.
Digital Assets.
Digital assets are a relatively new concern, but most of us have a large web of online assets. These may include important documents, photos and videos, or even our email and social media accounts. It is important to take these assets into consideration so you can control what happens to them after you’ve passed on.
Contact the Elder Law Attorneys at Deliberato Law Center
Estate planning can be a complicated process. At Deliberato Law Center, we have many years of experience helping our clients ensure that they don’t overlook any estate planning considerations. Give us a call today at 216-341-3413 or fill out the form below and get started today.
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