As we get older, we may obsess over our appearance, dying our hair, getting plastic surgery, etc. Some of us go into health mode and start a new diet and working out to prolong the inevitability of death. However, it would be surprising to learn that many people think about their estate plan. If you are getting older and are considering creating an estate plan or if your loved one is near retirement age, these are the four fundamental questions you need to ask:
Do you have your estate planning documents in place? Basic estate planning documents include last wills and testaments, powers of attorneys, healthcare proxies, and living wills.
If you do have them in place, where are they located? Having an estate plan is one thing but if it can’t be found in a moment of crisis can make it difficult for friends and family. A good estate planning attorney should have a copy for their records. Do not put documents in a bank deposit or safe that cannot be accessed after death.
What are your assets? Once passed, an executor will be in charge of gathering all the assets and doling them out according to your wishes in your estate plan. It is helpful to know exactly what your assets, in fact, are, as well as your debts. Assets including everything from property to bank accounts and debts include credit card to loan. It will be the burden of the beneficiary to pay for the debts.
What do you want to do with your body? Funerals are sadly expensive. By having the details of your funeral written and secured with the estate plan, along with funds saved for it, will make this burden easier on your family and friends at the event of your passing.
For more information about creating an estate plan, contact our attorney for a free consultation.