Estate Planning – A Gift to Your Survivors
Time spent now on your Estate Plan will help your loved ones to cope later. It will also ensure that your wishes are carried out. The easiest and most thorough way to tackle your Estate Plan is to consult with your legal, financial and tax advisors. Some issues that they can help you with are:
-
Making/Updating your Will – You determine what happens to your money, possessions and who becomes guardian of your minor children, when you pass away.
-
Make a Living Will– If you become too ill to state your medical wishes, this document will speak for you.
-
Create Durable Powers of Attorney – If you become incapacitated, this allows you to appoint someone to make decisions for you. Two common types are one to deal with your financial and legal affairs and the second to deal with health care decisions.
-
Calculate your net worth, including insurance proceeds– Talking to a tax or financial advisor can help you to minimize the impact of federal and state estate taxes.
-
Establish a Trust – A legal entity that holds property designated by you for the benefit of you and your beneficiaries.
-
Consider funeral Pre- Planning– Planning in advance, relieves your loved one’s stress later. You can also make sure that your wishes are carried out. If you are a military veteran and would like military honors at your service, finding out the process now, will ensure that it is done later.
Remember to keep loved ones and the executor of your will in the loop. Spell out your funeral wishes, people to contact with phone numbers, and where important documents are kept.
Sound daunting? We can help you through this!
Call today! Todd Courser 810-245-0813