Don’t you just hate that feeling where you can’t relax or seem to feel at ease? With the holidays coming up, it’s important to get rid of that fear. Using these 8 estate planning steps, we can help you feel a sense of peace.
1. Write a Will
It is important to determine who inherits your assets. If you have children, you should establish who their new guardian would be in case you pass away. Remember, you also deserve a say in who gets your possessions.
2. Choose a Power of Attorney
With a reliable power of attorney for your health and finances, you can give a trusted person authority to handle your finances and property if you become incapacitated and unable to handle it yourself. That person will be responsible for you healthcare and which courses of action to take when you aren’t able to make those decisions yourself. Giving them health care directives would give you the opportunity of still being in control.
3. Consider Life Insurance
If you have young children, have a spouse, own a house, or have debts to pay, life insurance may be a good idea. You would need enough coverage to meet you and your family’s expenses.
4. Choose How Your Money Will Get Spent
If you would like some of your assets to specifically cover certain expenses, you should make sure that gets done. You may want to supply a family member with a college fund or an elder with medical expenses. You may also want to donate some money to your favorite charity or organization.
5. Plan How You’ll Go
You should be able to plan your memorial service and how it would be carried out. It gives your successors a better idea of how you would want to go and it gives them less work to do. You should also decide if you would want to be buried or cremated and consider organ donation.
6. Avoid Probate
Having your assets go through probate is a long, painful process and is an overall hassle. It could tie up your estate and costs thousands of dollars in legal fees and other expenses.
7. Set up Trusts
If you have possessions solely in your name, they would have to go through probate. In order to avoid this, you can transfer ownership by creating trusts. This way there would be no probate, no fees, and no public airing of your business.
8. Work with Experts
You will need guidance and assistance from experienced estate planning lawyers. You don’t have to do all of this alone. With help, you can smartly plan your estate.