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Getting Started With Estate Planning
Estate planning helps you plan for your eventual death and other things like incapacity or care in a nursing home. Estate planning is not just for the rich—it is for anyone who is married, has kids, has any kind of property, or wants to avoid state default rules.
An estate plan can be useful even for people with limited property who want to be sure their final wishes are known and carried out. It ultimately helps you create a set of guidelines to follow in case of a sudden sickness, onset of a disability, or death, and avoid state default rules that would otherwise apply.
You may need an estate plan if you:
- Are a single parent and want to nominate a guardian for your children in case something happens to you.
- Are unmarried and want a trusted friend to make medical decisions on your behalf.
- Have property you want treated a certain way.
- Have specific values regarding your end-of-life care that you want to communicate to your loved ones.
Ultimately, a comprehensive estate plan will:
- Describe who will inherit your property after your death.
- Plan for your financial and medical needs in case you become incapacitated.
- Communicate your medical wishes regarding end-of-life care.
To prepare for the individual documents that go into an estate plan, you may want to gather the following:
- Names, addresses, and phone numbers for people you want to inherit from you or serve a role in your estate plan
- Statements from all financial accounts
- Retirement account statements
- Mortgage documentation and deeds
- Titles for your vehicles
- A list of your assets
- Life insurance policies
Your estate plan may consist of one, several, or all of the following:
- Will- It describes who will receive your property after your death.
- Trust- A legal document that provides instructions on how trust property should be managed for your beneficiaries.
- Power of Attorney- A legal document that gives someone you name, called your “agent,” the power to handle your financial affairs.
- Advance Health Care Directive- Usually consists of two parts: a living will and a healthcare power of attorney.
Whether you are a college student, a budding entrepreneur, or a new parent, estate planning can help you clearly communicate your wishes and put steps in place to safeguard your finances.
For more information on estate planning, access the full article here.
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