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For more than 20 years, Bingham Legal Group has helped individuals and families throughout Metro Detroit devise legal solutions and plan for the future.
Providing Guidance
And Remedies
When You Need It Most
For more than 20 years, Bingham Legal Group has helped individuals and families throughout Metro Detroit devise legal solutions and plan for the future.
Providing Guidance
And Remedies

When You Need It Most

Providing Guidance
And Remedies
When You Need It Most
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  4.  » Who are the most important people in your estate plan?

Who are the most important people in your estate plan?

On Behalf of | Mar 22, 2021 | Estate Planning

When crafting an estate plan, you will likely mention plenty of people. After all, your estate plan is crucial for handling all matters of your end-of-life experience, along with your death.

When writing this plan, who are the most important people in it? Who should you give priority to and why?

Beneficiaries

When Forbes discusses the parts of your estate plan you should review, it includes key figures. Key figures often break down into two categories: beneficiaries and those who hold a crucial role in your end-of-life experience.

Beneficiaries include anyone who will benefit from your estate after your death. Examples include relatives, loved ones, friends and significant others. They often inherit portions of your estate, like property, cars and banking accounts.

You should also remember the beneficiaries included on joint banking accounts, along with anyone mentioned in life insurance policies. Beneficiaries may change over time, so you want to ensure your estate plan always reflects the most current situation in your life.

Holders of crucial roles

People who hold crucial roles, on the other hand, may also hold a role as beneficiaries. But more than that, they handle important matters in your end-of-life and death experience. For example, two roles include the healthcare proxy and the power of attorney. The healthcare proxy will make medical decisions for you if you are unable to. The power of attorney handles your legal matters. You want both to act in your interest, as you would if making decisions yourself. Thus, you want to put time and effort into selecting these people and always ensure you are on the same page.