These tried-and-true estate planning tips, strategies, and advice will help your loved ones if something happens to you. As you prepare for the unexpected, these estate planning tips, strategies, and suggestions are sure to help. Finalizing things now may mean the difference between your loved ones dealing with legal headaches or being able to mourn in peace. Here are the best strategies that everyone can put to use:
Write a Will Now
Do you have a will? Many adults don’t feel the need to write a will until they get older. However, in this unpredictable world, you never know what tomorrow may hold. Even if you’re in good health at the moment, filing a will should still be a top priority.
Be sure your will includes the following:
- Name of the executor
- Complete lift of beneficiaries
- Proper division of assets
- Guardianship of minors, if applicable
Wills are a living document, meaning you can update them whenever needed. For example, if something happens to your executor, you should name a new person as soon as possible. You never realize the importance of a will until you try to divide up an estate without one. Unless you want your loved ones to deal with a costly probate court, don’t put off creating a will now.
Create a Payment Schedule
Depending on the size of your estate, it may not be wise to divide up all your assets at once. You should consider a payment schedule for your beneficiaries. Payment schedules are helpful for minors or for those who have trouble managing money.
Work with an estate planning professional to create an appropriate schedule. You can choose how often payments go out—whether you want to pay annually or on significant dates, like birthdays or anniversaries. A legal payment schedule will ease your family’s financial burden after your passing.
Plan for Illness or Injury
A terminal illness or life-altering injury may leave you incapacitated. While you hope for the best, you cannot predict if or when something unfortunate may happen. If you’re no longer able to care for yourself, you need to assign someone to handle your assets and medical decisions.
An estate planner can help you assign a power of attorney to a person you trust to handle your affairs. If you don’t name someone before you become incapacitated, the court will choose a person for you. Don’t take this risk, especially since your life may depend on it.
Consider Final Expenses
Funerals are expensive. The average cost for a funeral in the United States is $7,360. Your loved ones may not have enough cash on hand to follow your last wishes if you don’t have a prevision in place for final expenses. If you don’t already have a life insurance policy, consider buying one that covers funeral services. You can also designate part of your estate to pay off any lingering debts.
Don’t Leave Your Estate to Chance
You have the power to ensure your loved ones are well-cared for after your death. Even though thinking about your mortality is difficult, creating an estate plan while you’re still healthy is a smart move. The professionals at Incompass Tax, Estate & Business Solutions can help lead the way. We have over 29 years of experience in estate planning, and our team knows how to carry out your final wishes. Get in touch to speak with an expert about our proven estate planning tips, strategies, and tricks.