Estate Planning is a subject that many people avoid talking about. Nobody wants to think about the end of their life or no longer being around. While it is going to happen to everyone, people don’t want to admit it is going to happen to them.

Unfortunately this means that many people do not have the proper estate plan in place for when the inevitable happens. This can lead to messy legal battles, bill collectors and more stress on an emotionally compromised family. Here are some of the necessary things for every estate plan.

 

A Will

One of the most important parts of an estate plan is the will. This is a simple document that leaves instructions about what should be done with all of your assets once you have passed on.

If there is no will, things can get very difficult. Instead of you getting to decide who gets your assets, it falls on the government and strangers to decide. Of course, eventually your spouse or children will be able to claim some of the assets, but only after a very public and expensive process.

Avoid all that by having a written will in place as the most basic part of your estate plan. That way your assets are protected and distributed the way you wish them to be distributed.

 

Name Powers of Attorney

If you are incapacitated or gone it is up to you to determine who is going to speak for you. This means naming who is going to have that power and it must be done in legal documents.

Not doing this means that strangers may make life or death decisions instead of someone you trust or your family. Having some critical documents in place will allow you to name someone you trust to make decisions for you in matters of finance, health care and ultimately your last will and testament.

Make sure that your estate plan includes a durable power of attorney, healthcare power of attorney and any health care directives you might wish to have.

 

Memorial Plan and Payment

Your family is going to be upset that you are gone. Why not take some of the burden off of them by making all of the decisions about your memorial for them? Funerals can be pre-paid with the ceremony proceedings determined in advance.

You can also include all of these plans into your will so that they are carried out as you stipulate and then are paid for by the estate once it is settled.

Making a list of your wishes as well as including it in your will can let your family know ahead of time how to prepare and what you want done. That way they can spend their time remembering instead of planning.

 

Have Estate Planning Questions?

Do you have questions concerning your estate plan? Why not ask the experts at Stano Law group what the best course of action for you and your family may be?

Contact us today to begin your estate plan.