Estate planning should be a lifelong process. It is never too early to start the estate planning process, even with minimal assets at a younger age. Once you have a comprehensive estate planning framework in place, it is important to update it as life events change your circumstances. Much like your life is always evolving, so should your estate plan. It must be reviewed on a regular basis to ensure it is up-to-date and continues to comply with changes in laws governing it. When you put this much time and effort into such an important component of protecting your loved ones, it is important to ensure there are mechanisms in place to protect it. The following suggestions, adapted from a recent article from CNBC, can help you ensure your estate plan is secure.
Pre-Paid, Pre-Planned Funerals
When a loved one passes away, it can be an extremely difficult experience. One of the most difficult parts of the grieving process is trying to make funeral arrangements while grieving, and funeral expenses can often be very high. By pre-paying for your funeral arrangements, you can spare your family from the unexpected costs related to funeral expenses while also saving yourself money by locking in prices before they grow over time. Pre-planning your funeral arrangements allows you to ensure that your wishes for your funeral are carried out and help your family avoid stressful decisions during the grieving process.