Ronald Fatoullah & Associates - Elder Law

Estate planning helps your loved ones

Most adults don't like having to think about the end of their life, but there is one thing that they have to do to ensure that they aren't putting undue stress on their loved ones when they pass away. This is to create an estate plan that covers all the basics. You can't leave anything out because failing to create a comprehensive plan could leave your family wondering what to do during a time when they should be handling their emotions.

There are several things that you have to think about when you are making an estate plan. One of these is that you need to create your will. Before you write this out, you need to list out your assets and heirs. Determine whether any assets would be better handled through trusts. Any that you do place in trusts don't have to be included in the will.

Remember that there are some assets that don't need to be put in the will or in trusts. These are things like financial accounts that have a payable on death designation. If you have any of those types of accounts, such as bank accounts, the designation you set dictates where they will go.

Your estate plan doesn't end there. You also need to create plans for the end of your life just in case you can't make decisions for yourself. You can relay these instructions through a living will and powers of attorney.

Think about your medical care, so you can outline what you want to happen in the living will and appoint a power of attorney to make other decisions for you. You also need to have a power of attorney to handle financial decisions.

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