Estate Planning Tips and Advice

The Community Post Tuesday, January 24, 2023

Don’t wait to make provisions for your estate.

Many people make the mistake of thinking estate planning is only for the rich. The fact is, making a plan is the best thing you can do for your loved ones, regardless of your financial standing. It is always best to document how you want your property and other assets handled in the event you die. People who do not have a plan in place often leave heirs with legal difficulties, inconvenience, unnecessary taxation and family arguments. Consulting with an estate planning professional can have a lasting impact on your legacy. After all, estate planning isn’t just about protecting heirlooms; it also provides security for your family. Consider these tips for creating a sound, logical estate plan.

SEEK LEGAL COUNSEL

While some people use online forms to draft a will, most people will benefit from consulting with an estate planning attorney. This experienced professional can create legal documents with your specific circumstances in mind. It’s true everyone should have a will, regardless of age. But that is only the first step in developing a solid estate plan. You should also create a living will, power of attorney and possibly a trust. Consult an attorney who has experience in developing estate plans for those whose situations are similar to yours. Do not try to do it alone.

LIFE INSURANCE POLICIES

Life insurance policies provide for loved ones in the event of your death. There are a wide range of options, and only a few will make sense for your situation. A professional can guide you through the possibilities and help you make appropriate choices. Term life insurance policies are generally less expensive than other types of coverage. But whole life policies, annuities and other insurance products may be more appropriate for your circumstances. Understand what you might be buying. In some cases, a policy may benefit the salesperson more than it does the customer. It is essential you take all the time you need to learn about a particular policy before purchasing it. If you have any hesitation or confusion, ask another professional or keep researching. You should feel certain that you are choosing the best policy for your needs.

FUNERAL EXPENSES

Funerals are very expensive, sometimes up to $10,000. You don’t want to leave your family with large bills. That’s why you should plan ahead to cover the cost of your own funeral. Pre-paid funeral plans are a popular option, or you can simply buy a burial plot in advance so that one major task will be handled before your death. It may be uncomfortable and even frightening to consider, but it is something that must be addressed as part of a solid estate plan. Visit funeral homes in your area to discuss prepayment options.

COMMUNICATION IS KEY

Communicate with your family in general terms about your estate plan. Talking to them about what they can expect could head off estate disputes and heartache. A good estate planner can help you navigate complicated family dynamics and concerns that may accompany this process. The right estate plan and experienced professionals can make your legacy a blessing that your heirs will treasure for the rest of their lives. It is better to plan ahead than to be a burden on loved ones.