Your estate planning at a minimum needs to cover certain things.
Create a Will
Proper estate planning starts with making out a will. This is where you designate who inherits your property. You might even designate a particular guardian to care for your children if there is not another parent remaining in the picture to handle the responsibilities of caring for the children you might have.
It is a lot easier to make out a will when you are young than waiting till you are old. This can help you get a leg up on things that need to be done. There is always time to create a will before you expire, you just have to make the time.
Remember, you can never have the time if you never make the time. You want to make sure your loved ones are taken care of after you pass, and creating a will can do just that.
Designate Healthcare Directives
If you wind up being not able to make your own medical decisions in the future because you are incapacitated, then healthcare directives can fill in the gap. Write out a living will so you make a healthcare declaration to list your wishes doctors should follow in certain circumstances.
Give someone close to you who you trust the power of attorney for your healthcare to make choices when it’s not clear what your wishes would have been. This way, you will be sure to be taken care of and will know that your loved ones are taking care of you.
Passing on is a complicated matter, so be sure to do the work beforehand to save yourself grief.
Handling Attorney Matters
There are two attorney matters you need to take care of. First of all, you should find an estate planning attorney to help you craft the legal structure of everything and file the appropriate documents with your local government.
They can also help you choose someone to give a durable power of attorney, which means someone you trust can handle your finances and property if you are incapacitated and no longer able to handle affairs on your own.
This can be a great source of comfort for many people, so be sure to start on these things sooner rather than later.
Handling End-of-Life Expenses
Make final arrangements for your remains in advance, if you are comfortable doing so. You’ll spare your family making hard choices when they’re immediately grieving over the loss of you, and you can possibly prepay or save money for some of the expenses.
other related articles of interest:
Questions That Seniors Often Ask When They Start the Estate Planning Process
Planning an Estate? How to Get the Job Done Right the First Time
Also, consider life insurance to handle income replacement if you have dependents and die prematurely. These things and more can help you know what will be happening to your estate and your loved ones after you pass on.
Be sure that you are honest with yourself and your loved ones when taking these crucial steps.
To wrap up your estate planning, consider putting your property into a living trust, as this can spare your survivors the time, expense, and stress of probate court.
Make sure you file beneficiary forms for financial accounts to be payable on death to someone of your choosing. Store your documents somewhere safe but also easy to find by those who need them when the time comes.
Image Credit: by twenty20.com
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