Common elements of a will include:

• Testator’s Information: Identifies the person creating the will.
• Declaration of Intent: Confirms the document is the testator’s official last will and testament.
• Beneficiary Designations: Specifies how the testator’s assets will be distributed after death.
• Executor Appointment: Names the individual responsible for managing the estate and carrying out the will’s terms.

A power of attorney allows you to authorize someone to act on your behalf if you’re unable to do so yourself. It can grant broad authority, covering tasks like paying bills, managing finances, or selling property. A durable power of attorney remains in effect even if you become incapacitated. For real estate matters, the power of attorney must be officially recorded.

The person granted this authority is called the attorney-in-fact and is legally required to act in the best interest of the principal. They must maintain detailed records of all transactions and be able to explain their actions to the principal.

The time it takes to set up an estate plan can vary depending on the complexity of your situation. For a basic plan, it may take a few weeks to gather the necessary information, create the documents, and finalize them with an attorney. For more complex plans, such as those involving trusts or special provisions, it may take a few months to ensure everything is properly structured and legally sound. It’s a good idea to start early and work with an estate planning professional to guide you through the process.

It is recommended that you review and update your estate plan at least annually. Additionally, it is recommended that you review your plan whenever there are significant changes in your personal or professional life, such as marriage, divorce, acquisition of new assets, or the addition of new family members. Reviewing your plan regularly will help ensure that it remains aligned with your goals, risk, and current life circumstances.

In many states, when there is no will, next-of-kin are typically the default beneficiaries. However, this may not reflect your true wishes. If close friends or family members have played a significant role in your life, consider creating a list of those you’d like to include as beneficiaries. Think about the legacy you want to leave them, both in practical terms and with personal meaning.

You don’t need a lawyer to create an estate plan, per se…however, working with a lawyer can be highly beneficial, especially if your estate is complex, involves significant assets, or if you want to ensure everything is legally sound and tailored to your unique needs. A lawyer can help navigate state laws, minimize taxes, and ensure your wishes are clearly and accurately documented. Contact us today to see if we’re the right fit for you and your needs!