There are five critical must-dos to making a solid Estate Plan, Elder Law and Estate Planning Attorney Michael T. Huguelet disclosed this week. —
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The founder of the Orland Park, IL, Law Office of Michael T. Huguelet, P.C. highlighted the need for current Beneficiary Designations; Letters of Intent; a Durable Power of Attorney; and, appointing responsible people to ensure that 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 commented.
He emphasized: "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 in order 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, hopefully, avoid confusion amongst your beneficiaries."
Supporting the Will should be current Beneficiary Designations for retirement accounts and insurance policies which will help execute a person's wishes legally. "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."
Huguelet 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 in order to guide them in the implementation of your wishes following incapacity or death."
Meanwhile, a Durable Power of Attorney will help in the legal execution of managing your assets if you become disabled.
"Without a Power of Attorney, what happens to your assets could be left to the mercy of a Court," he said. "But a Power of Attorney will enable someone you know and trust to engage in real estate and financial transactions, and other legal decisions, on your behalf."
Finally, another must-do is appointing an individual you know and trust 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 are not able to make them yourself," he concluded.
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Source URL: http://RecommendedExperts.biz
Release ID: 89053981