Critical Aspects of Designing a Comprehensive Estate Plan
Creating an estate plan isn’t something we do every day. Because of this, the thought of putting one together can be vexing. Still, it’s important that we have one in place so our after-death wishes are carried out. Here are some estate planning matters that need to be handled.
Write a Will
This essential document tells who will inherit your assets once you’re gone. It should also name a guardian for your children in case you and your partner pass away before they’re grown. Be certain these preferences are legally memorialized.
Make a Trust
Trusts allow heirs immediate access to money. Without one in place, they have to go through probate court to get it, which can be an expensive and draining process. Establish a trust so there’s one less hurdle for them to overcome.
Set Health Care Directives
In the event you become incapacitated, others need to know the limits of what treatment you’re willing to endure. Spell out these wishes so you’ll be cared for accordingly. Further, you can designate someone to make medical decisions on your behalf, in the event circumstances that you and your estate planner fail to consider unfold.
Buy Life Insurance
Passing away before debts are paid means heirs could wind up being saddled with undeserved financial obligations. Life insurance provides a means of negating this possibility. Consult an insurance provider to determine how much coverage you need.
Account for Funeral Expenses
When families are grieving, the last thing they want to discuss is payment for burial. Relieve loved ones of this burden by setting aside money that becomes available upon your death. An estate planning lawyer may also write language regarding end-of-life wishes, such as whether you want to be cremated or buried, and desires regarding organ donation.
Safely File Everything
It’s vital that those responsible for taking care of important concerns after you’re gone have access to every piece of estate planning documentation. Lock paperwork inside a safe, and tell executors where these files are. Don’t forget to provide them with the combination or key that’s necessary to retrieve them. Recommend that they store it in a memorable place where they’ll have no trouble finding it despite being in mourning.
Estate planning is the only way to make certain our wants are carried out precisely as we desire after we’ve moved on. Contact an estate lawyer in Fort Collins, CO to provide assistance with the legal side of events after your passing.