Top 10 Basic Estate Planning Tips

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What are the most basic components of estate planning?

Top 10 Basic Estate Planning Tips

There are many important considerations when beginning the estate planning process. Each person's family financial situation is different, and estate planning needs may be more complex for some individuals than others. Everyone needs to make sure that their estate planning includes at least the most fundamental elements of a sound estate plan.

10 Basic Estate Planning Tips:

  • Inventory your assets
  • Make decisions about how you would like your assets to be divided
  • Draft your Last Will and Testament
  • Decide who you would like to handle your finances if you become incapacitated
  • Draft your Power of Attorney
  • Determine who you would like to make medical decisions on your behalf if you become unable to do so yourself
  • Draft your Living Will
  • Give a copy of your living will to your physician(s)
  • Determine whether or not a trust will be beneficial to you or your heirs
  • Review and update your estate planning documents regularly

   

Comments

2/12/2015 2:13:11 PM
Gaston Parizeau said:

Though it's something none of us want to have to think of, estate planning is something that can't be neglected. As difficult as the process can be, it will be well worth it in the future for family and loved ones. Like the article says, there are essential parts of an estate that need to be accounted for in the planning. Once this process is done, a person can more easily be at peace.




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