Expected or unexpected, experiencing a loved one’s death is very stressful. All too often, thriving people do not consider estate planning, especially when there is no imminent threat of a vibrant life ending. When you are prepared for the unexpected, you can provide your family with one of the greatest gifts of a well-prepared estate plan.
Everyday life will always seem to deter your plan to create your estate. You can rest easy by making it a priority, and committing to the basic fundamentals of a well prepared estate plan. You will be surprised at what you can accomplish in a short amount of time with a minimal investment to prepare the plan with a professional. Here is a basic list of what you should always have prepared:
- Last Will and Testament
- Are you willing to allow the state decide where your property should go, who should receive your nest egg, and who should become the guardian of your minor children? This will happen if you do not have a will. Simply discussing your plans with your family is not enough. You need a will as part of your estate plan. This is a basic fundamental of estate planning.
- Documents for decision making in the event you are incapacitated.
- A Health Care Proxy is needed in order to designate someone to make medical decisions for you in the event that you can no longer make them yourself due to incapacity.
- A Power of Attorney is needed in order to designate someone to handle your financial affairs, again if you are no longer able to do this yourself.
- End of life decisions will be included in your documents to make sure what actions you want if you are lifeless, in a hospital bed, with no hopes of recovery. A document outlining your wishes, and ease the stress of decision making with your family. .
- Keep all documents secure. Make everything official, and signed with a notary. In addition, make sure your family knows where to find these documents when they become necessary. This is also an opportunity to indicate if you want to be an organ donor, or if you wish to donate your body to science.
- Guardianship for minor children
- Who will assume responsibility for your minor children if both parents are incapacitated or deceased? This is an important decision to declare, and should not be left up to the state to decide. Guardianship plans can also outline financial plans in regards to your minor children. An estate lawyer can help you set up a trust to provide for your children in the event that you are no longer able.
- Life Insurance
- Life insurance may be available through your employer, but it is also important to have private life insurance. Make sure you have enough life insurance to cover any debts, as well as burial expenses, and also provide for your loved ones after you are deceased.
As you prepare the basics of an estate plan, you may consider other aspects that you wish to include. Pets, social media accounts, real property, and even your playlist at your funeral may be things you wish to communicate. An estate planning professional can help you start with the basics to give your family peace of mind in the most difficult time.
