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Who are the most important people in your estate plan?

| Apr 22, 2021 | Estate Planning |

When creating your estate plan, you will likely have several people included in it. This includes everyone who benefits from your estate, along with people who will play a more active role in it.

Why is it important to pay extra attention to these figures? What sort of care should you give their consideration when including them?

Who are your beneficiaries?

When discussing what you need for your estate plan, Forbes also mentions crucial figures in it. As mentioned, these are the people who will benefit from your estate plan and the ones who will take a more active role in it.

As far as beneficiaries go, this includes more than just the people who will inherit things that you list in your will. It also includes anyone who shares a joint bank account with you and anyone who might receive retirement or military benefits after your death. Do not forget those you have listed on life insurance policies, too.

What do active figures do?

Active figures will play a part in your end of life experience. This can include power of attorney and healthcare proxy. The former handles legal and financial matters on your behalf. The latter handles medical concerns, and will make decisions for you if you end up incapable of doing so.

Needless to say, either group holds importance for different reasons. You want your active figures to have your best interest in mind and act as you would in any given situation. You want to ensure that your beneficiaries are people you actually want getting hold of your assets. Keep this in mind when creating your plan.