No one likes to think about dying and leaving their loved ones behind. However, you need to plan ahead in case the unfortunate should happen. Estate planning is an essential step for you to take to ensure that your loved ones get what is entitled to them. There are a few estate planning tips that you can take so that you can have peace of mind if you should pass.
When to Begin
It is best to start your estate planning as soon as you receive a steady income. Saving and preparing for the future is important no matter what your financial situation. Find some extra money and begin saving. Sometimes you can just get the bank to automatically withdraw funds from your account and put them in savings.
Make a Will
This is probably the most essential thing when planning your estate. A will is simply instructions on how, when, and where you want your assets to go after your death. It will also leave directions on naming a guardian for minor children.
Protect your Estate
You need to ensure that your dependents are protected in the case of your death. You will need a life insurance policy that will cover the cost of your funeral and will pay any debts that you have. In order to protect your estate, you might also consider investing in stocks and bonds.
Hire an Estate Attorney
If you have an attorney, then can make sure that your will is followed properly, and your estate is executed according to your wishes.
Make Modifications as Needed
Things change, so always make sure your documents are current. Review your estate each year to make sure it is the way you want it. Speak with your relatives about issues such as taxes, upgrades, and likely adjustments.
Have Health Care Directives
Health care instructions will permit your family to carry out your desires about your health care towards the end of your life. Designate a power of attorney that will maintain and execute your estate when you are no longer able to. You should also draw up a living will, so the medical staff will know what to do.
Safely Store your Documents
Designate a safe storage place to put your documents, and make sure your family knows their location. They should be in a fireproof box, or some other location where they cannot be destroyed.