Making arrangements for family estate planning when you’ve passed on—or if you find yourself mentally unable to make key decisions—is more than just helping your family through difficult times. Planning for your Estate also lets you designate representatives to make decisions about your care, withdraw money from your accounts to pay your bills, and celebrate your existence in exactly the way you want.
Estate planning is the management and distribution of your real and personal property when you die, or if you become mentally incapacitated. You can also draft documents to ensure the care and financial support of your children and others, as well as to set forth your wishes regarding life-prolonging measures if you become incapacitated.
While these topics are difficult to discuss or uncomfortable they are necessary to protect your legacy and your family. After you pass, you want to avoid your family going through an inflammatory probate. Probate are often set in place to ensure your will and your estate is distributed as intended.
Your will is verified and all taxes and debts have been paid. However, sometimes a probate can turn into family feuding, or they could hire a lawyer who takes a larger chunk of their estate assets. Indeed, an Estate Plan will help secure your family’s best interests and possibly minimize the probate process.
When you talk discuss family estate planning with loved ones be sure to set the tone.
Will it be an informal discussion at the dinner table or will you have an attorney present? some clients like having a level of formality because an attorney or a financial planner can help explain the reasoning behind some of their decisions.
Once you’ve figured out who you want handling the key roles related to your estate, get the necessary documents drafted in order to officially cement your wishes. (And don’t forget to include an Advance Healthcare Directive, which states your preferences for medical treatment. Depending on your state, this could include completing a living will and filling out your health care proxy.)
Family estate planning can be tricky. When the time come you want the right people to help you and your family. Paramount Advisers are equipped to navigate these challenging decisions and make the process stress free as possible.