This may be because they simply don’t like to think about dying or because they find estate planning overwhelming. No matter what the reason, if you’ve put off estate planning, you’re making a big mistake.
You want to know that your loved ones are cared for after you die, and you can only do that by establishing a good estate plan. Feeling scared about all that? Well, the good news is that getting an estate plan “off the ground” isn’t all that hard.
Set Clear Goals
The first thing to think about as you start the process of creating an estate plan is what your goals are for the future. Perhaps you want to make sure your children are taken care of when you die. Or, maybe you have some precious possessions that you want passed on to the right person. Whatever the case may be, know what your goals are for your estate and then share them with a professional estate planner to start crafting a plan for taking care of those goals.
Review and Plan
The hardest part of estate planning is…well…all the planning, but it has to be done. You can start by listing all of your assets and then deciding what you want to do with them after you pass on. Then, you can review your life insurance and disability insurance policies to ensure they are where they need to be if they ultimately have to provide care and relief to your loved ones.
Make Your Plans Known
Once you have established an estate plan, let your friends and family members know about it. This can help to squash any squabbles before they have a chance to start and can also keep your will from being mishandled or misrepresented in some way. Letting people know of your plans protects you and them.
As you can see, estate planning does take some effort on your part, but it will be well worth it in the end when you are able to provide for your loved ones even after your death.
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