Being in this line of work, I understand that no one wants to talk about their own mortality or the importance of planning for the unexpected. However, by procrastinating in implementing at least a basic estate plan, you run the risk that your intended beneficiaries may not receive what you would want them to receive; whether due to administration costs, taxes, costs of long-term care or bickering among heirs.
These are just a few reasons why estate planning is so important, no matter the size of your estate. It allows you to decide who will be in charge and to ensure that your property will go to the people you want, in the way you want, and when you want. A more comprehensive plan can permit you to save as much as possible on taxes, court costs and attorneys’ fees; while affording your loved ones the opportunity to mourn and grieve without being burdened with administrative matters.
All estate plans should include, at minimum, three important estate planning instruments: a durable power of attorney, a health care proxy, and a will. The first is for managing your property during your life, in case you are ever unable to do so yourself. The second is for making medical decisions in the event that you’re incapable of making them yourself. And, the third is for the management and distribution of your property after death.
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