It is not always easy to plan for the future, especially when it requires you to consider your own mortality or what will happen in the event of incapacitation. While these are not pleasant thoughts, they are essential considerations for adults of all ages. You do not have to be a certain age, have a certain amount of wealth or possess specific types of assets in order to benefit from a thorough and carefully crafted estate plan.
Having a complete estate plan is a beneficial step for all adults, but it may be especially important for new families. Life is unpredictable, and having certain protections in place may allow you to face an uncertain future confidently. If you are newly married, a young parent or simply want to protect your Iowa family, you will benefit from learning more about what you need in order to have a complete estate plan in Iowa.
The elements of a complete estate plan
While there is no one-size-fits-all solution to planning for the future, there are certain things that are often beneficial inclusions in any type of estate plan. As you are considering which documents to draft and how to make important decisions for you and your loved ones, you may need to include the following:
- Will — This is a critical element of any estate plan as it allows you to outline specific instructions for the distribution of your assets after your passing, as well as appoint a guardian for minor children.
- Durable power of attorney — This is a document that will appoint a specific person to act on your behalf in the event you are not able to make legal or financial decisions due to incapacitation.
- Specific types of trusts — There are different types of trusts that will allow you to set aside and protect your assets that you may wish to designate for the care and benefit of your children.
- Health care power of attorney — This is a document that allows you to appoint a person to act on your behalf and make medical decisions for you in case you are unable to do this for yourself.
What you need as part of your complete estate plan depends on your individual needs and your specific objectives. If you need to start the planning process, you may benefit from speaking with a knowledgeable professional who can provide essential insight into how you can create a plan that will benefit your young family for years to come.