If you have valuable assets, you are going to want to make sure that you develop an estate plan. An estate plan will allow you to make sure that your children, assets, and home are taken care of properly when you pass away. There is different paperwork that you need to get together.

#1 Guardianship Plan

If you have minor children, you are going to want to make sure that you have a guardianship plan in place for your children. Of course, a guardianship plan is always a last resort plan for how your children will be raised and how they will be supported.

A guardianship plan states who you want to take care of and raise your children should both parents pass away. A guardian plan should also state how the children will be provided for. For example, a guardian plan could create a yearly stipend out of a life insurance payout to take care of the child or could set up a trust for your children.

#2 Beneficiaries

There are numerous accounts that are passed on to the legal beneficiaries that were designed to go with that account. Examples of these types of accounts include life insurance, pensions, brokerage accounts, and retirement accounts. These type of accounts are not passed on via a will; they are passed on to whom was every put down as the beneficiary when the account was set-up. It is a good idea to check who the beneficiary is on these types of accounts to make sure that they are current.

#3 Will

You are going to want to have a will that states who will get your assets that are not covered by beneficiaries or by a trust. Items that you want to pass on that you should include in your will include items such as who gets your car and your home, or who gets special personal items. This is where you let your family know who you want to have any special items. For example, perhaps you want your daughter to have your collection of baseball cards or you want your son to get your wedding ring.

#4 Executor

Finally, you are going to want to find someone to be the executor of your will. This is an adult that you choose who will make sure that your will is carried out as you want it to be. For example, the executor of your will is responsible for making sure that your son gets your wedding ring, your daughter gets your baseball collection, and your cousin gets your signed baseball. They make sure that your will is carried out how you planned on it happening.

For more information or assistance, contact companies like Bliss & Skeen CPAs.