Estate planning may not be one of the most enjoyable experiences of one’s life. For some, it might remind them of their mortality, while for others it may simply be a boring exercise to set their finances and legal affairs in order. Here are the four important things that you should consider including your estate plan.
Life Insurance
If you have a family or are planning to start one at some point in the future, your number one priority should be life insurance. It is one of the most affordable insurances which protects your family and loved ones in case you are not there to support them financially. However, you must ensure that your policy does not have any loopholes so that your family is provided maximum coverage in a timely manner.
It can be highly beneficial for you to hire an experienced estate planning lawyer to review the document before signing it. This will ensure you that your insurance contract is free from any ambiguities, which may cause trouble to your loved ones in the future.
Will
A will is perhaps the most important part of effective estate planning. A will is a legal document that states the necessary details about what will happen to your assets and properties after your demise. A will should be curated in presence of an estate planning lawyer and in writing to ensure that there is no ambiguity in the future.
Your attorney may also guide you to effectively distribute your assets to save the maximum amount of tax. Moreover, a will devised by a seasoned advocate will make sure that it cannot be challenged legally due to any vagueness or ambiguity in the terms of the will.
A Durable Power of Attorney
The importance of a durable power of attorney cannot be underestimated and it is an extremely valuable document. It gives you the power to handle your finances and legal affairs in case you become incapacitated; however, it expires after your demise. It allows the appointed person to represent your interests if you suffer from an injury which renders you incapacitated.
Contrary to common belief, a married individual’s spouse typically does not have any rights equivalent to a power of attorney to handle the affairs of their spouse. You should consult with your estate planning lawyer to create a durable power of attorney to ensure your interests remain protected.
A Master Document
Many people tend to neglect the value of a “master document,” but it can prove to be extremely helpful for their loved ones after their death. It is basically an estate planning tool with no legal effect containing a comprehensive list of your assets and liabilities and what actions are to be taken in order to take them out or pay them off, respectively.
In other words, it serves as a cheat sheet for your loved ones to manage your affairs, who are already burdened with sorrow and grief and to protect their financial and legal interests by ensuring they are well informed about the situation.
If you wish to get further information regarding estate planning, contact the offices of John Grundy at 330-637-9030 to schedule a free consultation session with an experienced estate planning lawyer.