Estate planning isn’t just for the old or for the wealthy; in fact, it’s not even just for parents. Proper estate planning is a means of preparing for the future—making sure your affairs are in order and your loved ones are taken care of should tragedy strike. It’s something that everyone should think seriously about.
Even so, estate planning is sometimes neglected. To help you start thinking critically about estate planning, and its potential benefit for your family, here are a few brief facts and considerations.
If you have minor children, a guardianship plan is essential. Who will look after your kids should a tragic accident happen to both mom and dad? Rather than leaving it in the hands of the court, you can state your wishes through an estate plan.
Most everyone needs a will. A will simply determines where your assets are allocated upon your death. Even if you don’t have a spouse or kids, you can have your assets go to parents, siblings, close friends, or even to a charitable organization.
You’ll need to select an executor. Who will carry out your final wishes? Part of the estate planning process is selecting a friend or relative to fulfill this job.
You should also think about end of life issues. What do you wish to happen to you should you become medically incapacitated somehow? Selecting a medical power of attorney is crucial, and so is implementing a living will.
Taxes matter, too. Rather than leave loved ones with a significant tax burden, you can use the estate planning process to ensure your beneficiaries are taken care of as smoothly and as seamlessly as possible.
Clearly, there is much to think about—and great urgency in ensuring you make all the right decisions. Getting guidance from an estate planning attorney is generally recommended. To learn more, contact Singh Law Firm today.