When you are planning your estate the eventual distribution of your financial resources to your heirs is probably going to be foremost on your mind, and rightly so. However, there are some other components that your estate plan should contain, and we would like to highlight three of them that are often overlooked.
1.) Durable Powers of Attorney
Alzheimer’s disease alone makes incapacity planning a must. Upwards of 45% of people who are at least 85 years old have Alzheimer’s, and this is the fastest-growing age group.
One way to prepare for this contingency is to execute durable powers of attorney. Because of the fact that they are “durable” they do remain in effect in the event of the incapacitation of the grantor.
There are different types of decisions that may become necessary. Therefore, you may want to execute a durable POA for health care decision-making and another for financial decisions naming two different respective attorneys-in-fact.
2.) Providing for Pets
If you’re concerned about the possibility of predeceasing your pet or pets you may want to consider creating a pet trust. With these devices you set aside resources for the care of the animal throughout its life.
When the pet passes anything that remains in the trust would be absorbed by a beneficiary that you name when you draw up the trust agreement.
3.) Funeral Plans
Your final arrangements are something to consider when you are planning your estate. You can name someone to handle these arrangements by executing an authorization for final disposition.
Within this document you can state your preferences regarding things like burial or cremation, cost of casket or urn, final resting place, and type of memorial service.