10 Simple Steps to an Estate Plan

Estate Plan

Organizing your estate may seem difficult, but it doesn’t have to be. Create your estate plan by starting with these easy steps. One of the best things you can do for yourself and your loved ones is to create a good estate plan, which may include considerations for probate estate loans if necessary.

You cannot undervalue what a gift you will be given later to family and friends who won’t have to make difficult, stressful decisions at a difficult time of sorrow if you have the assurance that your valuable assets and valued items will go to the people you pick. You can also contact family estate planning services for an estate plan.

1. Make A Will

The fundamentals of estate planning begin with the significance of having a testament. Simply said, if you pass away without a will, the government will distribute your assets by the laws of your state, which may not be how you would have liked the process to proceed.

The next stage is to draught a will and to accomplish that, you must consider all of your possessions and who you want to inherit them (beneficiaries).

2. Think about a Trust

Your survivors won’t have to go through probate court, a time-consuming and expensive process if you hold your property in a living trust.

3. Make Provisions for Minor Children

In the case of your passing and the passing of your children’s other parent, you can designate a guardian for them in your will if you have young children.

Be careful to designate someone to handle your children’s financial affairs as well. Don’t forget that your small children would require someone to handle property or other inherited assets. Though it’s not required, this person can be the same as the legal guardian.

4. Construct health care directives

If you become unable to make medical decisions for yourself, having a written record of your wishes can help you safeguard yourself. A health care declaration (sometimes known as a “living will”) and a health care power of attorney give someone you choose the authority to make choices on your behalf if you are unable to. These documents can be bundled into one, known as an advance health care directive (in some states).

5. Make a power of attorney

The ability to make decisions on your behalf if you are unable to be granted through a power of attorney, or POA. Both a durable POA to manage your funds and a health care POA should be in place. Again, this doesn’t have to be the same person, and your POA doesn’t have to be an attorney (despite the legal name for this document).

6. Protect Your Children’s Property

If your minor children inherit any money or property from you, you should appoint an adult to handle it. The person you appoint as your guardian in your will may also serve in this capacity.

7. Fill out Beneficiary Forms 

By designating a beneficiary, you can avoid the probate process and make your bank and retirement account immediately “payable on death” to your beneficiary. In almost every state, you can also choose a beneficiary to receive your stocks, bonds, and brokerage accounts.

8. Pay for funeral costs

Instead of using a potentially problematic funeral prepayment plan, you can open a payable-on-death account with your bank and deposit money into it to cover your funeral and associated costs such as a granite headstone in Lebanon Ohio.

9. Finalize your plans

Make sure everyone is aware of your end-of-life wishes for burial or cremation, as well as for organ and corpse donation.

10. Safeguard Your Business

An effective succession plan is essential if you are a business’s sole proprietor. A buyout agreement is necessary if you co-own a business with another person.

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The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.