Don’t Go it Alone, Call Us Today For Estate Planning Tips!
Does estate planning seem like a huge mountain to climb? Is it confusing or even a little intimidating? Here are a few estate planning tips to help make the process easier to address:
Decide who will receive individual assets
Often when writing a will, important valuables or sentimental objects are forgotten or left for the family to claim or distribute. This is a huge mistake! It is very important to have talks with family members to ensure that each member receives the items that are meaningful and valuable to them. Leaving individual asset distribution up to family members can cause drama or arguments.
Don’t forget to change beneficiaries if necessary
It is not uncommon for your will be the very last thing on your mind, especially after a serious life event. However, it is important that if you get married or remarried, divorced, or your beneficiary passes away, that you make changes accordingly in your will.
Choose an executor
Once someone passes on, the job of an executor is to handle their properties, finances, and assets according to the will. Depending on your situation, this possibly is a very overwhelming process. There could be debt and taxes to handle along with distribution of assets and property. Although it is possible to appoint a family member for this position, it is often best for a professional to handle.
When necessary, hire a power of attorney
Even though an individual is ill or in critical condition, life still goes on. There are still finances to juggle and property to manage. A power of attorney is hired to pay bills, manage business affairs, and many other important duties for someone while they are still living. There are many reasons to hire a power of attorney, but the one of the common is that an individual is too critically ill to handle their financial responsibilities.
It is natural to still feel overwhelmed by the estate planning process. There are many steps involved, and if handled incorrectly, it is possible to cause more work for loved ones. A misstep in planning could also cause a financial nightmare. Please contact us so we will be able to help you make the right plans and get the burden of estate planning off of your chest.