It’s a painful realization that we will all die someday. Even though facing the prospect of your demise can be frightening, utilizing the proper estate planning tools give us control over an area where we have little power.
There are also many other helpful strategies that a person should make sure to take before death or disability, which will be addressed in this article.
# 1 – Create a Conversation
Perhaps above everything else, it is a wise idea to have a conversation with your family and close friends about your impending death or incapacity. During this time, you should make sure to express your wishes for how you would like matters handled.
# 2 – Engage in Adequate Estate Planning
Another critical step to take if you know that death or incapacity is impending is to make certain to engage in sufficient estate planning. The estate planning documents that often prove necessary include a durable power of attorney and a will.
While powers of attorney help to manage matters in case a person becomes incapacitated, a will is often the best way to control how assets in an estate are administered following a person’s death. Trusts can also play an invaluable role in distributing a person’s assets.
# 3 – Help Executors Prepare
It is a wise idea to create a list to help your executors prepare to carry out each element of your estate plan.
Ideally, your list should include details about where your assets are located, any passwords or keys needed to access these assets, the identity of professionals who might have additional information about your estate, and records regarding the location of records.
Many people also utilize these lists to describe things they want to be done after they die or become incapacitated.
# 4 – Address Your Funeral Arrangements
Some people do not care whether they are cremated or buried, while other people have things planned down to what songs should be played during their funeral service.
Regardless of what you would like for the disposition of your remains, you should make sure to express these wishes in estate planning documents. It might even be helpful to visit a funeral home to review what options work best for you.
# 5 – Pass on Personal Property
There are likely some personal objects that are not of high enough value that you would still like to make sure are passed on to certain family members.
Not only should you determine who should receive these personal items, it is also a wise idea to plan and discuss giving this property to the desired property in advance to avoid any family fights or disagreements.
Speak with an Experienced Estate Planning Lawyer
By following some recommended steps before death or disability, we can make matters much easier for our loved ones. While this might not make our deaths easier, it can help to avoid further complications.
To make sure that you have the strongest estate planning documents possible, you should not hesitate to speak with Ettinger Estate Planning today.