Seven Steps To Your Estate Plan
Estate planning is the perfect way to prepare for any contingencies. If you are injured, your family is protected. If, Heaven forbid, you pass away unexpectedly, your family is protected.
Here are steps you can take to get your estate plans in order:
Write a Will
Our attorneys can assist you with this, of course. If you have minor children, an important component of the Will is naming a guardian to take care of them if both parents pass away.
Think about setting up a trust
A living trust helps to avoid probate, so it could save your loved ones a lot of time and money.
Establish a Living Will
A Living Will will let you designate trusted individuals to make medical decisions for you if you cannot.
Name a durable power of attorney for your finances
Related to the Living Will, this designation covers decisions regarding your assets, if you are unable to communicate or make these decisions for yourself.
Choose an adult to manage your kids’ inheritances
Often, this is the same person you have designated as the guardian of your children. Managing property and money for minor children can help protect their interests.
File all the beneficiary forms
When you make an account “payable on death,” whether it is a retirement plan or a bank account, then your beneficiary can access the funds and skip the probate process.
Pre-pay your funeral expenses
Funeral prepayment plans do not always work. The smarter move is to establish an earmarked account at your bank, designate it as “payable on death,” and have it contain funds specifically set aside for your funeral, your memorial, and other expenses, or to purchase an insurance policy specifically for funeral expenses