Estate Planning | 5 Easy Steps to Estate Planning
Estate Planning | Can be a difficult subject to approach for many people. The thought of leaving their partner or children
alone can be a difficult reality to face. However, it is an essential process in order to more fully protect one's assets and prepare for the future of the decedents children, spouse or other dependents.
One of the first steps to consider in estate planning is life insurance. While getting life insurance may depend on ones financial situation, it could help cover expenses upon death. The "death-benefit" should cover debts and any other financial aid that could help the spouse or dependents, such as covering burial expenses or funding college courses. Below are some further steps to follow. Establish a will. It is important to have a written will in place so that an estate is divided up as the decedent sees fit. Should a will not be established, it could lead to arguments among family members as to who gets what, which may eventually lead to long-term legal battles.
Establish power of attorney. Not only should a person prepare for death, but also for the time before it. A power of
attorney can help an individual with financial and legal affairs, doctor's permissions, and medical treatment the individual may or may not want at the end of life. Consider a trust. A trust can help the survivors avoid going through probate court, which can be time consuming and costly.
Protect the business. Planning for the end of life should not just extend to assets. If a business is owned, make sure a
succession plan is in place. Wills and other end of life documents should be updated periodically to account for major events such as the birth of a grandchild or death of a family members listed in the will.
Mortellaro Law is experienced in handling estate planning, advance directives, special needs planning
more. Contact us with any questions.