Estate planning can be a dreaded task, but it is a crucial step that should be done sooner rather than later.
Make Sure That All of the Important Stuff Will Be Taken Care Of
First, it is important to write up a will. This document states the people you want to inherit certain things. You will need to name an executor of the will, someone you can trust to be responsible for caring out your wishes. Next, a beneficiary should be named. This is the name on the bank account or brokerage forms that is in charge of designating the funds in the accounts to the right people and are in charge of the property that doesn’t need to go through probate.
Leave a Written Note
Leaving a written document is another smart move that will help ensure your wishes are met. A letter that describes all of your wishes that are not listed in your will is not considered a legal document, but will let your loved ones know what you wanted. Things like your funeral desires or sentiments to loved one. Make sure to leave the document with a trusted friend or relative. If the time comes when you are unable to make your own decisions, it is important to designate the power of an attorney. This person will be responsible for carrying out and managing all of your decisions whether it be health or financial. This is another item that you need to include in your estate planning documentation.
Being Organized Will Help Make the Entire Process Less Stressful
It is extremely helpful to keep all of your important documents and items in a safe area that can easily be pulled together. Documents like your will, where your burial plot will be, insurance policies, bank statements, account information and passwords. Also, have a person that you trust know where all of these documents are kept in case anything may happen to you. Estate planning isn’t the most pleasant thing to do, but it is something that needs to be done to protect your wishes.