Tucson, Arizona, United States - June 7, 2022 —
There are five critical must-dos to making a solid Estate Plan, revealed Estate Planning attorney Doug Newborn.
For more information please visit https://dougnewbornlawfirm.com
The Founder of Doug Newborn Law Firm, PLLC, in Tucson, AZ, highlighted the need for current beneficiary designations, letters of intent; a durable power of attorney; and appointing responsible people to ensure your wishes are carried out both after death and in the event you become incapacitated.
"All these help underpin a well-conceived Estate Plan," he said, adding: "There's much more to a good Estate Plan than simply writing a Will or a Trust, although they form the core of any Estate Plan."
A Will is a document you need to get right to provide clear guidelines as to whom your possessions and assets are to be distributed. Getting this correct will help with the complete process and avoid confusion among beneficiaries.
Accompanying the Will should be current beneficiary designations for retirement accounts and insurance policies that will help legally execute a person's wishes. "Failing to do so means the plan's administrators may step in and decide who is to receive those assets, even if it's not what you wanted."
Newborn also emphasized preparing a Letter of Intent as an integral part of good Estate Planning. "This document you leave for either your agent or executor to guide them in implementing your wishes following incapacity or death."
A Durable Power of Attorney helps in the legal execution of managing your assets if you become disabled. He explained: "Without a Power of Attorney, what happens to your assets could be left to the mercy of a Court. A Power of Attorney enables someone you know and trust to engage in real estate and financial transactions, and other legal decisions, on your behalf."
Another must-do is appointing a trusted individual to follow the instructions contained in your Healthcare Power of Attorney. "This person will make vital healthcare decisions that align with your views if you cannot make them yourself," Newborn said.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Doug Newborn
Email: Send Email
Organization: Doug Newborn Law Firm, PLLC
Address: 1 South Church Ave Suite 2130 Tucson, AZ, 85701
Phone: (520) 276-0236
Website: https://dougnewbornlawfirm.com
Release ID: 89075963
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