Preparing An Effective And Thorough Estate Plan
Posted on: 5 September 2019
The experience of crafting an estate plan for what will happen when you pass away can be confusing but exceedingly important. Some individuals make ineffective plans for their passing or completely fail to do this at all. Here are some common pitfalls to avoid.
Account For The Funeral Expenses When You Are Preparing Your Estate Plan
When creating the estate plan, accounting for the funeral costs will be a significant consideration. Leaving these expenses to your survivors can burden them with major financial obligations that they may not be able to pay or that may require them to make sacrifices. If you want to spare your loved ones of this fate, you can plan out the funeral in your estate plan. In addition to providing detailed instructions as to the ceremony that you want, the estate plan can allow for the funeral to be paid for ahead of time.
Name A Person Who Can Make Medical Choices On Your Behalf
There can be situations where you have suffered major medical problems or injuries and are simply unable to make choices. In these situations, it can be necessary to have a trusted loved one make these decisions on your behalf. To reduce confusion and the risk of conflict, it can be wise to name a person in the estate plan that will have the power to legally make care decisions for you.
Avoid Letting The Estate Plan Go Without Being Reviewed Or Updated
Operating with an outdated estate plan can be a mistake that will compromise the effectiveness of this entire document. While it is common for individuals to undergo little major change, there are still changes that will have to be changed on these forms. In particular, you should be diligent to ensure that the estate plan is reviewed and updated to account for any of the possible changes that could have impacted your financial condition.
Retain A Professional Estate Lawyer For This Process
Creating an estate plan will require a person to perform a thorough assessment of their current situation so that they can complete the required paperwork to form a legally binding estate plan. Having an attorney to guide you through this process will be instrumental in making good choices and correctly completing the needed documents. Luckily, estate attorneys are affordable, and they can help to dramatically shorten the time needed to prepare your estate plan along with the risks of there being mistakes with it.
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