With all of the worries most adults have on their plate, from their job to their family obligations, let’s ensure financial security and inheritance decisions are not part of the mix. Using these 8 estate planning steps, we can help you feel a sense of peace.
- 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. Dying without a will can cause many complications for the legal court and your family members.
- Choose a Power of Attorney
With a reliable power of attorney for your health and finances, you can give a trusted person the authority to handle your finances and property if you become incapacitated and unable to handle it yourself. That person will be responsible for your 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.
- 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 your and your family’s expenses. You don’t want to end up paying more than you have to if anything suddenly happens to you.
- 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 in one of many ways. 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. Your wish can only be fulfilled if you plan your estate.
- 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, which gives them less work to do. You should also decide if you would want to be buried or cremated, and consider organ donation.
- 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. Thus, it is best to try and avoid probate.
- 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.
- Work with Experts
You will need guidance and assistance from experienced estate planning and elder law lawyers. You don’t have to do all of this alone. With help, you can plan your estate smartly.
Life is always changing, so it’s important to take part in these 8 essential estate planning steps to stop financial worries from weighing on your mind consistently. At the Law Office of Inna Fershteyn, we want to help you and your family take control and prepare for any changes that may come along the way. For more information call us at (718) 333-2394 or visit our website to schedule a consultation.