Communication is Key
Make sure the right people know what you want later in life now, especially if you are unable to say it later. Then make sure you have the right people to carry out your wants:
- Power of Attorney for healthcare and finance
- Guardian for children
- Executor of your estate
Avoid Probate
Probate is the legal process for distributing the property of a deceased person. This process takes time, can cost thousands of dollars and is a stressful hassle for those trying to navigate it.
A properly executed estate plan can circumvent the chaos that can be created by probate.
A Will is Not Enough
While a will is a great start to an estate plan, it often just covers the basics. Other avenues include trusts, charitable donation accounts, and making sure beneficiaries are listed on all applicable assets.