![]() Any time your family situation changes is a good time to review your beneficiaries. ![]() If you have life insurance, retirement accounts, pensions, or pay-on-death (POD), or transfer-on-death accounts, make sure your beneficiaries are up to date, as these accounts transfer according to their beneficiary designations your last will does not control them. ![]() Upon your death, your pre-chosen successor trustee gains control of the trust and will then distribute your assets according to your instructions-all bypassing probate, which can save both time and money. With a living trust, you (as the grantor) retain control over any property placed within the trust throughout your lifetime. Consider a living trustĪ living trust can be a great way for you to make sure your wishes are followed after your death, as well as possibly allowing for a faster distribution of your assets to beneficiaries, avoiding probate court, and keeping your financial affairs private. Put in place a power of attorneyĪ durable power of attorney allows you to name someone to be in charge of making financial decisions for you if you become incapacitated.Ī health care power of attorney works hand-in-hand with a living will to help ensure that your wishes regarding medical treatment are followed.Ī Health Insurance Portability and Accountability Act (HIPAA) authorization may also be necessary to allow others to speak with doctors and nurses about your condition. ![]() Issues addressed in living wills generally include breathing tubes, feeding tubes, and other life-sustaining medical treatments. Complete a living will or advance directiveĪ living will or advance directive is a legal document in which you list your preferences should you become incapacitated or otherwise unable to express your preferences yourself. You can also name a legal guardian for any minor children, as well as leaving instructions for the care of your pets. When you create a will, you (the testator) name an estate executor: a person you trust to handle the distribution of your estate. And you should not assume that the state will make the same choices you would. Unless you make a will or trust, you are leaving things up to your state's intestacy laws, which apply when someone dies without a will or trust. Execute a last will and testamentĪ will is one of the most important estate planning documents you can have, as it details where you would like your property to go after your death. Property deeds, vehicle titles, official certificates (birth, marriage, etc.), the contact information for your attorney, insurance broker, doctor-all of these are things you can gather and put in the same, safe place now to make it easier for your loved ones later.Īs a bonus, getting all these materials together should also make compiling your estate plan easier, as you will have a lot of the necessary information at your fingertips. Gather important documents and contact innformation ![]() As we all know, death doesn't discriminate by age or any other factor.Ī little forethought now about how you would like things to go once you're incapacitated or gone can give you great peace of mind now, as well as spare your loved ones a lot of hassle later.ġ. Even people with modest assets can benefit from end-of-life planning, which encompasses much more than just writing a last will and testament. ![]()
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