A common misconception is that estate planning is the realm of the ultra-wealthy. Not so, say the experts at USAWillGuru.com! An estate plan is obviously important to determine who receives your assets when you die, however, many people are unaware how it can benefit you even while you are alive. For example, if you become seriously sick or suffer a disability, a judge may appoint someone to look after you or handle your assets, which may not be according to your wishes. USAWillGuru.com has provided 5 things to consider when planning your estate:
Have you created a last will and testament? This is the most important document in the planning of your estate. If you haven’t created one, do so as soon as possible.
Complete a living will and power of attorney A living will is a legal document that pertains to your healthcare in which you appoint someone you trust to communicate with doctors and medical professionals regarding your treatment plan should you become incapable to make these decisions in your future. Issues discussed in this document can include things like feeding and breathing tubes, and other forms of life-sustaining medical treatments.
A power of attorney allows you to name someone to be in charge of making all-round decisions for you if you become incapacitated. You might decide to name someone to conduct your medical decisions and another to make financial decisions.
Compile important documents and contact details Gather documents such as birth and marriage certificates, vehicle licenses, property deeds and contact information for your insurance company, attorney and doctor, and keep them in a safe place. This will make compiling your estate plan a whole lot simpler and will make it easier for your loved ones at a later stage.
Consider your digital assets What with technology and social media being such a huge factor in our lives today, you may have online accounts that need managing when you’re gone. Some social media platforms give you the option to select someone to take over your account upon your passing. You should also think about any other online activities in which you participate.
Make final arrangement plans These types of arrangements might be difficult to tackle but they may be of importance to you and sorting them out will make things more simpler for your loved ones. They can include funeral plans, donating your organs and how these will be paid for.