Estate planning is one of those things that most people know they should do but often push to the bottom of their to-do list. After all, who wants to think about death? But estate planning is not just for the elderly—it's something that everyone should do to make sure their loved ones are taken care of in case something happens to them. So if you've been putting off estate planning, it's about time you hired a financial and legal advisor to help you put your affairs in order.
When it comes down to it, there are a lot of things to consider. To ensure you don't feel overwhelmed, you should write down a checklist that ensures you don't overlook any important details. Here are four things you should have on your estate planning checklist.
Last Will and Testament
The most important estate planning document is your will because it stipulates how you'd like your wealth to be distributed among your beneficiaries upon your passing. And you shouldn't wait until your health is threatened to start writing your life, but instead, have it crafted and updated at your earliest convenience. This way, you can breathe easy knowing your legacy shall continue through your offspring.
Powers of Attorney
Another important document that you should include in your estate plan is the power of attorney. This is an equally important tool because it ensures that in the event of your incapacitation, your estate will continue to be properly managed and your family will be taken care of. Assigning power of attorney to a trusted legal representative is an essential step toward safeguarding the future of your offspring especially if they're still young.
Health Care Directives
Health and mortality go hand in hand because illness is often the cause of an individual's passing. And during your last days, you need someone to make medical decisions on your behalf to ensure your dignity and self-respect are preserved until you take your last breath. For instance, if you do not wish to be kept on life support, your health care proxy will see to it that your wishes are respected.
Beneficiary Designations
For your assets that aren't under probate, like your retirement accounts and life insurance policies, you should clearly assign beneficiaries to ensure your family knows who takes control of them when you pass on. In most cases, people assign these assets to their spouses or their children.
To ensure you don't struggle to put your affairs in order, hire a legal and financial advisor who will help you with your estate planning checklist.
Share11 August 2022
