Estate Planning is the steps you take to ensure that you final property and health care are dealt with and your beneficiaries are provided for in the manner you have wished.
An important consideration in estate planning is life insurance. An unexpected death can lead to financial hardship for dependents and other survivors. Basic life insurance needs can be estimated using the Life Insurance Calculator and more advanced life insurance strategies should be discussed with your financial advisor.
There are a number of issues to be considered including:
- what is the financial state of your affairs;
- what property do you own;
- does a guardian need to be appointed for minor children;
- how much tax will the estate need to pay before it can be settled;
- what funeral arrangements should be made;
- who gets what?
Basic information can be found here:
A number of strategies can be employed to facilitate the settlement of your estate while minimizing taxes and the emotional stress that comes with the situation. You are best advised to employ the services of an estate planning attorney who can work together with your financial advisor and accountant to develop an estate plan that is suitable for your situation.
If you haven’t yet begun working on your estate plan, refer to our Estate Planning Checklist. You check off the items you have completed and tackle those yet to be done.
You may also become involved in the Estate Plan of someone else if you are named as an executor in their will. If you are unsure of what the role of an executor involves, refer to our Duties of an Executor. You may find that is not a role that you want to assume.
Online Legal Forms
A great resource is Law Depot. On this site you will find many tools and easy Online Legal Forms that can get you started on your estate plan. You can develop your own will, power of attorney or health care directive using their forms. There are also a wide number of financial, business, family and real estate issues that are covered by Law Depot. High Quality Legal Forms are available for all of these.
If you are hesitant about contacting a lawyer, Law Depot is a good place to start.