An estate is something that everyone possesses; it is the house you have got, the possessions in it, your car(s), the furniture, jewelry, funds, life insurance and so on. Independent of the fact whether you consider yourself a poor or a wealthy person, you do possess some kind of an estate. Estate planning is the process when a person decides what will happen to his assets and property after he/she dies or becomes unable to make decisions on his/her own based on disability, age or a disease.
When a person dies, his/her properties are being distributed by the court. Very often the court makes decisions that you would not approve if you were alive. This means that if you do not have an estate plan or a will, the court will decide what to do with your estate.
Thus, estate planning is a serious and necessary step everyone should take. Of course, it is hard to think about one’s own decease, however, it is also necessary to take care for the people we love.
Thus, if you have decided to realize an estate planning, here is a useful to-do list for you:
- Find a good estate planning attorney; otherwise if your estate is not planned properly, the distribution of your property will be performed by the court. The attorney may ensure that your wishes concerning your estate be honored by the court.
- With your estate planner prepare a document called “property power of attorney”. By this document you will appoint a person (usually someone who is good at finances) to take care of your financial and business issues. It is not advisable that this person be a family member.
- Think about the so called living will. This is a document that instructs the doctors what kind of medical assistance you would like to receive in case you are incapacitated.
- Write down a will and express in your own words how you would like your estate to be disposed after your death. Do not forget about gift taxes and much more.
- If any of your family members or beneficiaries has special needs, include those needs in your will.
- Write down a separate letter with all the instructions included.
- Before you officially start estate planning consult with your spouse and let them know about your intentions.
Estate planning is a serious and important thing to do. All of us should take care that our beloved people be in security and live peacefully after our own decease.