3 Things You Need to Know About Estate Planning
National Estate Planning Awareness Week is October 19-25, 2020, and Johnson Teigen, LLC presents three things everyone needs to know about estate planning.
- Be sure to coordinate your plan for various types of accounts or assets. Pay attention to how different assets pass to the recipients, such as by pay-on-death designation, beneficiary designation, or through your Will or Trust. Your methods need to work together, so that your plan accomplishes your wishes.
- Plan for contingencies. This means to include layers of planning for situations where a beneficiary may predecease you. Similarly, plan to have alternates for roles like personal representative for your estate.
- Powers of attorney are as important as a Will or Trust. Most people think of estate planning in terms of what happens with their estate after death. However, it is also important to plan for your personal and financial affairs if you become incapacitated. This is where powers of attorney–for health care and for finances–give you a complete plan.
For a comprehensive and customized estate plan, contact the attorneys at Johnson Teigen, LLC. To get things started, complete our estate planning worksheet to compile your personal information. Also, to learn more about the various parts of an estate plan, check out resources from our firm and the State Bar of Wisconsin. Also, many organizations offer planners and guides for estate planning. As just one example, see the AARP’s 17 Reasons to Update Your Will. (This resource is provided as information to readers. Johnson Teigen, LLC is not directly associated with AARP and does not endorse any particular content.)
Use National Estate Planning Week as a springboard for your own estate planning. Let us help you plan for what’s next.