This blog can be considered to be a checklist to help you take care of yourself and your family by making a will, power of attorney, living will, health care arrangements, and much more. You may have probably heard the term "estate plan," but do you really know what does an estate plan cover mean and how do to create one? Here is a list of the most essential estate planning and advice points that you can consider.
1) Make a will — In a will, the name of the individual is stated whom you want to inherit your property and also a guardian’s name is mentioned who can take care of your young children if something happens to you and/or the other parent.
2) Consider a trust — If you have a property present in a living trust, it is not necessary for your survivors to go through probate court, which is a time-consuming and costly process.
3) Make health care directives — Mentioning your own wishes for health care can shield you if you become unable to make personal medical decisions. Health care directives may include a power of attorney for health care and a health care declaration. This will permit someone you choose the authority to make decisions when you can't.
4) Make a financial power of attorney — With a trustworthy power of attorney for finances, you can provide it to a trusted person authority to take care of your finances and property if you become incapacitated and incapable to handle your personal affairs.
5) Shield your children's property — You must name an adult who can do a proper management of any property and money your minor children may inherit from you. This can also be the same person who is also the personal guardian that you have mentioned in your will.
6) Take into account life insurance — If you have young children or you possess a house, or there is a chance of you owing considerable amount of debts or estate tax after you die, investing in a life insurance can be a good idea.
Make a note of this blog post and look for the best risk management and advice.
1) Make a will — In a will, the name of the individual is stated whom you want to inherit your property and also a guardian’s name is mentioned who can take care of your young children if something happens to you and/or the other parent.
2) Consider a trust — If you have a property present in a living trust, it is not necessary for your survivors to go through probate court, which is a time-consuming and costly process.
3) Make health care directives — Mentioning your own wishes for health care can shield you if you become unable to make personal medical decisions. Health care directives may include a power of attorney for health care and a health care declaration. This will permit someone you choose the authority to make decisions when you can't.
4) Make a financial power of attorney — With a trustworthy power of attorney for finances, you can provide it to a trusted person authority to take care of your finances and property if you become incapacitated and incapable to handle your personal affairs.
5) Shield your children's property — You must name an adult who can do a proper management of any property and money your minor children may inherit from you. This can also be the same person who is also the personal guardian that you have mentioned in your will.
6) Take into account life insurance — If you have young children or you possess a house, or there is a chance of you owing considerable amount of debts or estate tax after you die, investing in a life insurance can be a good idea.
Make a note of this blog post and look for the best risk management and advice.
