5 Things to Consider Before Planning Your Estate
While some regard it as a grim notion, preparing for the end of life is practical. One aspect of this process includes estate planning. However, before you can properly plan your estate, there are some considerations to mull over. Below are among a few.
Make A Will
Your will serves as a detailed outline of how matters should unfold once you can no longer make life decisions. Such affairs include who will inherit your property, the guardianship of any young children, and who gets possession of your valuables. Though creating a will does involve minor estate planning, you don’t have to delve into the particulars just yet. In essence, your will helps steer you in the right direction.
Appoint A Financial Power Of Attorney
Financial affairs are of paramount importance in end-of-life planning. Your designated financial power of attorney oversees your finances once you’ve passed or are ill-equipped to do so. With that said, you want this authority figure to be dependable and responsible. It’s also wise to inform them of how you’d like your finances handled. Their job is to carry out your wishes while keeping your best interest in mind.
Invest In Life Insurance
Life insurance is a sensible option for those in debt. When you can no longer pay your debt, you don’t want that burden to fall to one of your loved ones. With life insurance, you can avoid this. The money you place into these funds are used to pay off any owing money should anything happen to you.
Provide Funeral Expenses
Funerals are notoriously costly, and if this is the course of action that you wish to pursue, you ought to put aside enough money to cover these costs. Some opt for a funeral expense plan, but a more viable solution may be a payable-on-death policy. These accounts are provided through the bank, and you can work with associates to customize a plan that suits your needs.
Consider Health Care Directives
The thought of someone you don’t know or trust making medical decisions for you is rather unsettling. One surefire way to circumnavigate this is with health care directives. A living will and a health care power of attorney are two constituents of health care directives. In the event of a medical fiasco, you want to ensure that your wishes are granted.
End-of-life preparation doesn’t have to be dreadful. In fact, when you’re in the process of planning your estate, it’s necessary. The deliberations mentioned above are stepping stones towards creating your estate plan and are not to be overlooked.