Estate planning is something that many people want to avoid. Talking about death or incapacitation is hard, but leaving your loved one’s a mess is even harder. Estate planning isn’t only for wealthy people; anyone with any size estate should prepare for the future. You never know what will happen, so it is important to take care of it now.
Inventory Your Belongings
You might feel that you don’t have many things to your name, but you will likely be surprised once you start to write them all down. Include tangible assets like real estate, collectibles, vehicles, and jewelry and intangible assets such as stocks, business ownership, various kinds of savings accounts, and life insurance policies. After making your list, estimate the values of the items to know how they can be best distributed to your loved ones.
When choosing people to act on your behalf, it is important to make sure that they know you well and only have your best interest in mind. With a medical directive, you establish what you want for your medical care. You can also specify a medical power of attorney Raliegh NC if you aren’t able to make decisions for yourself. Additionally, you can establish a financial power of attorney who would act on your behalf in legal and financial situations when you’re unable to.
Think About Your Family
It’s essential to protect your finances and your family, even after you have passed away. Do you have life insurance? You might want to talk with an agent to ensure that you get the correct amount for your family. Do you have a guardian set up for your children in case you pass away early? Furthermore, it’s important to document your desires for your children’s care. Don’t assume that family members will step in and do things as you would have them do. Choose a guardian, make sure they agree to it and then have your lawyer put it in your will.