How do you plan your estate? |
If you haven’t put any thought into it, you may be in trouble.
Estate planning covers more than what will happen to your assets when you die.
It’s also about making sure that your family will be able to take care of themselves if something happens to you before them.
What if something happened to your spouse or child?
Are they equipped with the necessary information and training to move forward on their own?
If not, here are three tips for planning your estate that can help ensure your family’s future success.
1) Start Talking About It
When it comes to estate planning, there are a few key things to keep in mind.
First, you’ll want to make sure that you have a will in place.
This document will outline your wishes for what should happen to your assets after you die.
Next, you’ll need to choose an executor for your estate and successor trustee if applicable.
Finally, consider appointing a health care agent and successor personal representative if needed.
So that somebody can take care of the details while you’re alive and well (like making medical decisions).
2) Get An Unbiased Second Opinion
When it comes to your finances, it’s always a good idea to get a second opinion.
After all, you wouldn’t go to any doctor for medical advice, so why would you go to anyone for financial advice?
Seek out someone who is knowledgeable about estate planning and will work with you as a team player. Ask questions.
If some issues or concerns arise during the process of creating an estate plan, don’t be afraid to ask questions.
A qualified professional should be able to answer them without hesitation.
Keep in mind, though, that the person asking for guidance may not have access to all the facts surrounding your situation.
Some people only want general information and others need more detailed information.
So, ask what they need before launching into specifics.
Determine if it’s time:
The most important part of estate planning is determining if now is the right time.
If not now, when?
3) Set Up Your Will
No one likes to think about their mortality, but estate planning is an important part of ensuring that your loved ones are taken care of after you’re gone.
Here are three tips to help you get started:
1) Identify who should inherit your assets and what percentage they should receive
2) Create a will
3) Write a living will or health care directive if you want to make end-of-life decisions.
Remember, the earlier you start thinking about this, the better prepared you’ll be when it’s time to put these plans into action.
For example, if you want to leave a specific item of property to someone.
But know that it may not be available in the future (i.e., it’s very valuable now but may not have value in 10 years).
Then you might want to buy life insurance for yourself so that there would be enough money left over for them.
Make sure you also tell them about this plan so they can protect themselves in case something happens to you!
About Author -Jim Turner is a USA-based author of Legal issues related to estate planning, will & trust, business law, and elder law. Jim Turner does his best writing on these topics last will and testament Michigan which helps users to find the best solutions to their FAQ on estate planning, probate, living trust, and more about legal family issues.
The author can be reached through rochesterlawcenter.com
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