No one should wait until they are old and very rich to opt for estate planning. Many people believe that estate planning is about planning a will or transferring their property to others. However, there is so much more that goes into estate planning.
Ideally, you should prepare for estate planning from the very moment you become an adult and proceed to update it every three years.
Here are the essential aspects of estate planning.
Make a Will
The basics of effective estate planning incorporate making a last will. You don’t necessarily have to leave the will till the end of your life because accidents can happen. And if you die without a last will, then the government will distribute your assets according to the law of the state where you reside.
To ensure that your assets only go to the people you love, you might want to get in touch with an attorney, such as the estate planning attorney monmouth county nj, and ensure that the process is according to your will and not the government.
While crafting the last will with the lawyer, you will want to start with making a list of all the beneficiaries, who are the people that you would like to receive from your will.
Make a Living Will
Apart from the last will, you will also want to make a living will, which is also known as an “advance directive.” A living will is a legal document that has instructions about the person who will be in charge of your medical care in case you become incapacitated and can no longer communicate your preferences.
While creating a living will with the help of your attorney, you will want to include details as well, such as life-sustaining measures. When it comes to the living will, you might also want to consider making a POA, also referred to as a power of attorney, for your health care and your financial matters.
You can choose different attorneys for different aspects; however, these can also be the same person.
At this point, you might be wondering what could happen to your estate in case you go to jail for all sorts of reasons, including drug delivery resulting in death chambersburg pa ; in which case, you can instruct your attorney to make arrangements regarding whatever you will want to happen with your property.
However, unless the court orders otherwise, your estate will typically remain in your ownership.
Leave Instructions for Your Remains
With estate planning, you can also leave instructions regarding your remains. We know that funerals are expensive, and you can use estate planning as a way to keep the costs down for your loved ones by arranging for everything ahead of time.
You can set up a dedicated account for this very purpose and make a pre-payment for your funeral. Make sure to include preferences for the disposition of your body, including burial or cremation. This way, you will be in full control of everything, including the matters related to your remains.