LIFE PLANNING
In Today’s Edition of The Evening Leader
ESTATE PLANNING TIPS AND ADVICE
Estate planning might sound like a process reserved for the wealthy, but the truth is everyone can benefit by pre-planning in the event of your death.
Like every end-of-life issue, it may not be among the most pleasant things to discuss, but making a plan for how your affairs will be handled after death is the best thing you can do for your loved ones, regardless of your financial standing.
Document how you want your property and other assets handled to help your family avoid legal difficulties, inconvenience, unnecessary taxation and family arguments. An estate planning professional can have a lasting impact on your legacy.
Estate planning isn’t just about protecting heirlooms and it’s more than just creating a will; 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 simple 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 benefit the salesperson more than it does the customer.
FUNERAL EXPENSES COMMUNICATION IS KEY
It is better to plan ahead than to be a burden on loved ones.
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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.
Funerals are very expensive, sometimes costing 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.
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.