3 Main Issues to Address in Your Estate Plan
Estate planning is a process you use to prepare for your death. While this sounds slightly morbid, it is an essential step to take. Preparing for your death does not mean that you live in fear and expect to die today. Instead, it is simply a way to prepare for three vital things your family must address after you die.
Here are the three main issues to address as you create your estate plan.
An estate plan allows you to settle legal issues before you die instead of letting your family decide them for you. Additionally, it allows you to make legal decisions about your health and finances if you are still living but unable to make these decisions.
Through the right tools in an estate plan, you can create a plan to address the legal issues that might arise if you become incapacitated or die. For example, you can determine how you would like doctors to treat you if you stop breathing or are on life support. You can name a person who has the legal right to make your medical decisions.
An estate plan lets you transfer your belongings to your family members without them fighting over legal issues relating to the assets. You need an estate plan to protect yourself and your family from legal issues like these.
An estate plan also provides a way for you to make financial decisions before you die. Many people have wills, and they have these to give instructions to their families about their finances. A will can tell your family who gets your things, including any money you have in the bank. Financial protection is something you need to think about before you die. Otherwise, your family might face many challenges as they try to settle your estate.
The other issue you can address in your estate plan is personal issues. For example, you can leave instructions to your family about your wishes after death. You can tell them if you want cremation or burial, and you can even tell them what type of service you want at your funeral. If you choose cremation, you can provide details about what to do with your ashes.
Creating an estate plan is an essential part of life for protecting these types of things. If you would like to begin working on your estate plan, contact an estate planning attorney.