Estate planning genius every new parent must see now

Key Components of Estate Planning

To create an effective estate plan, you'll need to consider several key components:

• Will: A will is a legal document that outlines how your assets will be distributed after your death. It also allows you to name a guardian for your minor children, which is crucial for new parents.
• Trusts: Trusts can be used to manage and distribute your assets in a more controlled manner. They can help avoid probate, reduce estate taxes, and provide for your children over time.
• Power of Attorney: This legal document allows you to appoint someone to make financial and legal decisions on your behalf if you're unable to do so.
• Healthcare Directive: Also known as a living will, this document outlines your medical preferences in case you become incapacitated.