Estate
planning isn’t only for the one who is wealthy or has prolonged illness. Estate
planning can benefit one and all if done with much thought and within the
stipulated time. Through estate planning, you have a say in the financial
matters and property even if you are incapacitated.
Draft a will
Your will
states your beneficiaries, to whom you want to pass your property after your
death. The beneficiaries can be your
immediate family members, friends or a charitable organization.
Formulate health care directives
While
drafting a will, it is necessary to state health care directives, a legal
document that states what kind of medical treatment you wish to receive if you
become incapacitated or name the person in the will who can take the decision
on your behalf.
File beneficiary forms
Filing
beneficiary forms for bank accounts makes the funds automatically payable to
the beneficiary after your death. Similarly, you can also register your stocks,
bonds and brokerage accounts to be payable to the beneficiary.
Safeguard your children’s property
You should
name an attorney in your real estate business plan who would
manage the money and property your children would inherit after your death.
Protect your business
If are an
owner of a business, you should have a succession plan or if you are a partner
then you should be ready with a buyout plan.
Funeral arrangements
It's not
wise to opt for a funeral prepayment plan as it can be quite unreliable.
Rather, you can set up a payable-on-death account at your bank and deposit
funds into it to take care of your expenses after death.
Make your wishes known
Make your
last wishes known to your family members. It could be organ donation or
disposition-cremation or burial.
At Niekamp, Weisensell, Mutersbaugh & Mastrantonio LLP law, numerous matters should be
taken into consideration while estate planning such as trust creation, real
asset protection, and business succession.
The ace
lawyers at NWM law will guide you through estate
planning with their knowledge and years of experience.
