Wills, Trusts & Estates
If you have thought about what your family would do with your estate if you were to pass away unexpectedly, you have probably searched for an estate planning checklist. Losing a loved one is stressful and dealing with an estate that was not well-planned for can create extra headaches for your loved ones.
Navigating legal matters after the death of a loved one can lead to burnout, little time to grieve, and time taken away from family and friends. Estate planning is much more than a will. It is the best way to get your affairs in order instead of leaving that burden on your family.
Estate Planning Checklist
1) Create or Update Your Will
2) Create a Medical Directive
A medical directive will give guidance for medical decisions if you become unable to make those decisions. It may include removal from life support.
3) Create a Power of Attorney
A power of attorney (POA) will allow someone to represent you financially at your discretion.
4) Write a Letter of Instruction
A letter of instruction will inform your family of your final wishes, who to contact, and where to find financial records and other important documents. The letter also could help your family avoid litigation on your estate.
5) Meet with a Financial Planner
Meeting with a financial planner will allow you to assess your net worth, assets and debts included. You can then make life insurance plans to account for any debt you may leave behind. A revocable living trust may be needed to help protect your assets from probate.
6) Consider Setting Up Guardianship
If you have children, consider a guardianship and trust will to outline what happens to them if you were to pass away unexpectedly. Without this document, family members or courts will end up making these decisions.
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