Moneypenny Minute: Your Finance Moment
November 19, 2021Think of an estate plan as a roadmap that will guide the process of passing along your wealth after you pass away.
This roadmap includes:
- A will, which outlines who will receive your assets, who will care for your children (if you have any), and who will act as the executor (the person who carries out the estate plan)
- A power of attorney, who will act in your place and oversee major financial and medical decisions if you are unable to do so
- A living will, which describes your end-of-life wishes
A trust, which can provide large tax deductions and allow you to specify how your assets will be distributed.