You have drafted your will, which allows you to instruct how your estate is managed after you pass away. You have likely named several beneficiaries and a trusted executor to administer your estate during the probate process.
While you are no longer part of the estimated 67% of Americans who do not have an estate plan, that does not mean the estate planning process is over. There are several things you can consider doing with your estate plan, including:
Plan for your future health care
You can use your estate plan to dictate how you are cared for in the future. You could, for example, name an advance health care directive. An advance health care directive can make decisions on your behalf if you can no longer do so because you are incapacitated.
Make a trust to protect assets
While a will can instruct how your estate is managed, it may still be prone to taxes, disputes and probate. You can do more to protect your assets during and after your life by creating a trust.
Consider the care of your child
If you have a child, you may want to include a child guardian in your estate plan. A child guardian can care for your child if you and your child’s other parent suffer fatal injuries and can no longer care for your child.
Keep your estate plans updated
While you can include a lot in your estate plan, you can also update your plans whenever you want. You may want to consider updating your estate plans every few years or after large life events.
You can reach out for legal help to discuss your estate plan.