10 easy steps you should follow for estate planning
Estate planning isnu2019t only for the one who is wealthy or has prolonged illness. Estate planning can benefit one and all if done with much thought and within the stipulated time. Through estate planning, you have a say in the financial matters and property even if you are incapacitated. Here are the 10 steps listed below while estate planning: Draft a will Your will states your beneficiaries, to whom you want to pass your property after your death. The beneficiaries can be your immediate family members, friends or a charitable organization. Formulate health care directives While drafting a will, it is necessary to state health care directives, a legal document that states what kind of medical treatment you wish to receive if you become incapacitated or name the person in the will who can take the decision on your behalf. File beneficiary forms Filing beneficiary forms for bank accounts makes the funds automatically payable to the beneficiary after your death. Similarly, you can also register your stocks, bonds and brokerage accounts to be payable to the beneficiary. Safeguard your childrenu2019s property You should name an attorney in your real estate business plan who would manage the money and property your children would inherit after your death. Protect your business If are an owner of a business, you should have a succession plan or if you are a partner then you should be ready with a buyout plan. Funeral arrangements It's not wise to opt for a funeral prepayment plan as it can be quite unreliable. Rather, you can set up a payable-on-death account at your bank and deposit funds into it to take care of your expenses after death. Make your wishes known Make your last wishes known to your family members. It could be organ donation or disposition-cremation or burial. At Niekamp, Weisensell, Mutersbaugh & Mastrantonio LLP law, numerous matters should be taken into consideration while estate planning such as trust creation, real asset protection, and business succession. The ace lawyers at NWM law will guide you through estate planning with their knowledge and years of experience.
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