Items to Consider before Planning your Estate

A Few Things To Consider Before Planning Your Estate……..

 

GOALS:

Estate planning should always address your goals. Consider the list below to assist in defining issues that concern you.

  • I want a comprehensive estate plan which includes my own health care plan.
  • I want to control who will make health care decisions for me in the event of my incapacity.
  • I want to appoint guardians for my minor children.
  • I want to plan the transfer and survival of the family business.
  • I want to disinherit one or more family members.
  • I have one or more pets that should be protected and cared for.
  • I want to define my funeral and burial last rites.
  • I want to protect my children’s inheritance in the event my surviving spouse chooses to remarry after my death.
  • I want to plan for my child or children from a previous marriage.
  • I want to leave an endowment for my church or one or more of my favorite charities.

 

 PROPERTY:

Consider the nature and extent of your property, as well as your loved ones and possibly charities to which you would like to leave a legacy. Remember that items such as bank accounts, life insurance, 401(k)s, IRAs, etc. have specific beneficiary designations. These specific beneficiary designations cause such property to pass outside your Will to the specific persons you have designated in that particular document. Changing the title of your beneficiary designations to “The Estate of (your name)” allows your Will to dispose of your property.

PEOPLE:

Consider the people you may want to be in charge of your medical or financial affairs if you are incapacitated and not able to do so. These may or may not be relatives. To some degree it should depend on their temperament, willingness to serve, and other factors. Often, spouses appoint each other as the first person in charge, and, if they have children, one of their children as the backup person in charge. We will discuss all of these in detail during your appointment. HOWEVER, YOU WILL NEED TO COMPLETE THE FAMILY INFORMATION SHEET SO WE CAN PREPARE THE APPROPRIATE DOCUMENTS USING THIS INFORMATION.

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