![]() If you’re looking to create an estate plan, then you should contact a practiced estate planning attorney. It is a process that requires attention to detail. #5: Consult an Experienced Estate Planning AttorneyĮstate planning is more complicated than just filling out a form and storing it in the attic. The need to revise means you’ve already avoided the biggest estate planning mistake: never drafting a one at all. It will take some effort to revise your plan but be proactive. New employment or professional positionĮven if your situation remains the same, laws can change at any time.A wish you to add or replace beneficiaries on your existing estate plan.Purchase of property, vehicle, or new real estate.Other circumstances that can arise and provoke a change in your estate plan, include: Life events such as a marriage, the birth of a child, or the death of a family member can alter an estate plan unexpectedly. This means it’s important to revisit your estate plan documents periodically and revise them. Reduce the burden of decision-making for caretakersĪn estate plan lives and breathes just as long as you do.Prevent conflict or discord among family members.Provide clarity and closure to your family and friends.In other words, it serves as your voice when you may not have one.Īn advance healthcare directive can also: This document is important because it details the level of medical care an individual wants to receive if they are unable to make decisions or communicate when care is needed.Īn advance heathcare directive addresses many medical procedures common in life-threatening situations such as resuscitation via ventilation or electric shock. ![]() #3: Write an Advance Health Care DirectiveĪn advance healthcare directive, is a legal document that allows people to state their wishes for end-of-life medical care. If your bank account does not have an assigned beneficiary, your remaining financial holdings will most likely undergo probate court proceedings, which can be a lengthy process. #2: Assign Beneficiariesĭeciding who will be your beneficiaries is one of the biggest considerations when it comes to creating an estate plan.Ī beneficiary is a person you want to give your assets to such as a life insurance policy or the proceeds from your bank account. While it may be tough to address, establishing guardianship may be the most compelling reason to prepare an estate plan. This may work fine if you are 20 years old and your parents are 50 but may not be practical 15 years down the road. Some parents will name their own parents as guardians in case of death. Although this can be one of the most difficult things to think about, it’s imperative to make these decisions as soon as possible to avoid custody disputes. ![]() If you have minor children, it’s important to provide information regarding ongoing care if you become incapacitated or die. If you’re starting to draft your estate plan, consider this estate planning checklist. By planning ahead, you can minimize future stress for your family and friends. It is about making sure that your loved ones are taken care of after you die and that your assets are distributed how you wish. However, a comprehensive estate plan should consider what happens in the event you become disabled or pass away. Some believe it’s not necessary while others don’t feel comfortable discussing the idea of death. Unfortunately, many people have denied estate planning over the years. ![]() However, accidents can happen to anyone at any time. Nobody wants to think about becoming sick or passing away at a young age. ![]()
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