We know thinking about end-of-life decisions and having conversations regarding death and your finances is challenging. However, it is an important and responsible step in handling your money and catering to those you love.
You may find out that you only need to create a basic will and power of attorney documents, take out or increase life insurance policies, or update your beneficiaries on policies or financial accounts.
Who should be your children’s legal guardian?
Though most parents hate thinking about who will raise their children when they pass on, if they don’t have a guardian named in their estate plan, the court system will make that decision on their behalf. Do you really want to leave their lives up to the court?
Who do you want to end up with your things?
While most individuals are quick to talk about their parents, spouse, and children, are there others that you have forgotten? Is there a part of your estate that you would like to go to charity so that you can assist others?
Are you forgetting anyone else?
Is there anyone who formed a part of your life at some point, which you would like to add in your will and testament?
What about your pets?
If you really care for your pets, not only should you choose someone to cater to their needs, you can also set aside money in order to pay for their care.
If you have expensive animals or ones expected to live for a very long time, you can consider setting up a trust for your pets.
Do you have a prenuptial agreement?
After being married for several years, these documents often become forgotten. However, they may play a part in your estate planning so ensure you dig them out when you go see an attorney.
What about your business?
It is essential to decide if you want to pass your business on to your children. If you have a business partner, there are other items to think of. Maybe, you can plan to sell it or simply dissolve it upon your death.
Are you planning on gifting money?
Though most individuals would be happy to help a family member or friend who is in need without thinking about it, there are tax effects, which needs to be looked into when planning your estate. For this reason, you should speak to a professional about this matter.
What about a living will?
It is important that you talk about a living will before you need one. You should really think about your desires.
Do you want extraordinary measures to be taken to save your life or prefer to pass? If you don’t make the decision, your family may struggle with the decision. By writing a living will, you are taking over the decision so your family doesn’t have to.
What are your usernames and passwords for your online accounts?
The internet is our access point for most of our accounts. It is essential that, when you are gone, your family and friends can access your account information.
Need an estate planning attorney?
Planning an estate can be a complicated process. It involves a lot of paperwork and legal documents like power of attorney, trust, will, etc. Thus, if you want to plan your estate the right way, it is important that you contact a professional.
An estate planning attorney can help you in several ways. This professional can help you plan your estate and create the necessary estate planning documents. If you need to update your estate plan, this professional can be of help as well. Also, if you have concerns or questions, contacting an estate planning attorney is the best way to find answers.
We boast of competent estate planning attorneys who can help you navigate the tough estate planning process. Simple get in touch with our office so we can offer you or your loved ones our professional services