Though it might be troubling to think about what could happen if a tragedy strikes, having an estate plan in place is always a good idea, especially for individuals with families who they want to take care of if they were to pass away. However, fewer than 40% of Americans actually have one. Part of that stems from the fact that the process can be quite complex. As a result, learning a few estate planning basics beforehand is a smart choice. Even if you aren’t an expert, getting some basic knowledge can help you make sure that all your affairs are in order.
Invest in Life Insurance
Worrying about finances is an unfortunate but important part of making sure your family is taken care of in the event of a tragedy. Getting life insurance can help make sure loved ones have the money they need not only to cover funeral and other expenses, but to provide a bit of breathing room during the grieving process as well. Even a small payment every month could make a big difference down the road.
Write a Will
Writing a will is one of the most important estate planning basics and the best means of asset protection. Without a written will, there is no guarantee that your assets, like a home or even cash, will go to the people you want it to. Wills are relatively easy to set up, especially if you get help from dependable probate attorney, and doing so is always wise.
Designate Power of Attorney
Essentially, power of attorney is given to the person you want to make decisions in your best interests should you become incapacitated. If you are married, then your spouse will automatically receive power of attorney, but if not, designating another individual — perhaps a sibling or trusted friend — will prevent people from taking advantage of you.
Write a Living Will
Many families are forced to deal with the pain of making difficult choices when it comes to the health care of their loved ones, but a living will can take that burden out of their hands. A living will allows you to make painful decisions like how long you want to be kept on life support and methods that should be used to save your life. It can make tough times much easier on family members.
Even after learning some estate planning basics, you might still need a bit of help. Fortunately, there are talented estate planning attorneys available to help. They will have in-depth knowledge and a bevvy of experience that allows them to provide practical and helpful advice through the process. More information like this: www.quraishilaw.com