How can estate planning can address both life and death wishes?
Some people in Ft. Myers may have created a will, and then considered their estate plan is complete. Others may be so intimidated by the thought of estate planning that they haven’t started at all. However, a well-rounded estate plan encompasses more than just a will. It encompasses all the documents a person needs to protect their interests once they have retired as well as pass their assets down to their chosen heirs. The following are some estate planning steps a person can take that will both their needs and their loved ones’ needs.
First of all, it is possible for a person to plan and pay for their funeral while they are still alive. This can be of a great source of comfort for the person’s family who may caught up in the grief that comes with the death of a loved one. In addition, by planning for their funeral while they are still alive, a person can shop around for the best deal, especially if they want to go through a local funeral home, rather than a chain one.
In addition, a person can name certain family members to manage the person’s revocable trust. A revocable trust covers a person even if the person is still living. A will, on the other hand, only goes into effect when the person dies. By naming a “disability committee” in a trust who will make decisions on how to proceed if the person becomes incapacitated, the person’s family will not have to spend the time it takes to go to court in order to have an adult guardian appointed. Also, while the following idea might not be very romantic, married couples may want to have each spouse draft their own estate plan. This may prevent future conflicts.
These are only some examples of steps a person can take while alive to protect both their interests and their loved ones’ interests when it comes to estate planning. In the end, it is important not to stick your head in the sand with estate planning. Attorneys are available to help people create comprehensive estate plans, so they can rest assured that their final wishes will be met.
Source: CNBC, “Five ways to bulletproof your estate plan,” Tom Anderson, April 7, 2017