February is the month of love! Valentine’s Day includes thinking about all the people in your life that mean the world to you. It’s hard to think about your own passing, but these are people you want to take care of even after you are gone.
One of the best gifts you can give your loved ones is the peace of mind that they will be covered financially if you pass away or become incapacitated. An estate plan will do just that.
Create an Estate Plan
The steps to creating an estate plan can be made simple with the help of a professional. Here are some aspects of a comprehensive estate plan:
- More Than a Will: If you have a will, you may wonder why you need an estate plan. Estate planning covers more complex issues. For example, estate planning allows you to avoid probate by creating a trust.
- Listing All Assets: Make a full list of your properties, businesses, and financial assets.
- Naming Beneficiaries with Letter of Intent: Include a list of beneficiaries in your estate plan with reasons why you chose them. Your family members will not be able to argue about beneficiaries when you include your intentionality for each one.
- Funeral Plans: Would you like to be buried or cremated? Or perhaps you have other special requests. Write down these details in your estate plan.
- Appointing Guardians: If you have children under 18, your estate plan can include your wishes for their guardians.
- Financial Power of Attorney and Medical Power of Attorney: Who will make financial and medical decisions on your behalf if you cannot?
- Tax Planning: Use estate planning to prepare for taxes on your properties or inheritance taxes.
Share the Plan with Your Loved One
You may think the least romantic gift is sitting your significant other down to discuss what will happen if you were to pass away. But when you consider all the potential worries in your partner’s mind about filing for a death certificate, securing a life insurance policy, and paying bills, you will help them feel prepared.
When you have an intentional conversation about a plan of action that includes accessing your estate plan after you die, your loved ones will feel safe. What better gift for Valentine’s Day than the gift of security?
Now is the time to get your estate plan finalized. Shoup Legal can help. Contact us at (951) 445-4114 or email [email protected] to speak with a member of our team.