As we go through life, estate planning is something that can easily get pushed to the back of our minds and sit lower on our priority list of things to do. However, when we approach an older age or are diagnosed with a terminal illness, estate planning suddenly becomes more prevalent. So what do you need to have in order? Let’s walk through the steps.
5 Things to Arrange for Your Estate Plan
What is an estate plan? Estate planning provides a blueprint of what to do with your assets if you were to become incapacitated or pass away. When you have an estate plan, there is no guessing who gets the family home or what each child receives as an inheritance.
Some important aspects of an estate plan include:
- Will: The most basic part of an estate plan is your will. You can make broad statements in a will. For example, you can state that your kids will split all your assets evenly. You may even name a guardian for your children who are under age 18.
- Living Will: A living will, also known as an advanced directive, is a medical directive that states how you want to be cared for regarding end-of-life choices. This can include how long you would prefer to be on life support, if at all.
- Healthcare Power of Attorney: This person is someone you can trust that will advocate for you and your living will instructions. They will also make decisions regarding surgery and treatment if you cannot make weighty decisions yourself.
- Financial Power of Attorney: Assign somebody you trust to continue paying your bills, taxes, and mortgage payments if you were to suffer a stroke and no longer be in the state of mind to complete those tasks.
- A Living Trust: A trust is a beautiful choice if you would like to place your assets in a safe place with instructions for distributing the assets. If you were to pass away, your property and finances would be under the name of the trust, and nothing would be affected by your passing. This means that your family does not have to go through probate court to decide who gets what.
When you have everything in order, your family will not have to fight through probate court or sacrifice time and money to reconcile your assets. Estate planning is the best gift you can give your family and leaves behind a legacy you can be proud of.
Shoup Legal team of estate planning and probate attorneys is here to guide you through the estate planning process so that you can be prepared for the unexpected. Contact us at (951) 445-4114 or email us at [email protected] to start planning today for peace of mind tomorrow.