estate planning<\/a>. Many can help you draw up a basic document for less than $1,000.<\/p>\n\n\n\nHiring a professional will save you the stress of figuring out which documents you need, and how to organize them to make sure that everything is legally sound.<\/p>\n\n\n\n
In some cases, your situation may be more complicated. For example, you may have a child with special needs who requires extra health care. Or you may expect to owe estate tax after your spouse dies.<\/p>\n\n\n\n
In these events, it is critical to speak to an attorney to make sure all proper documents are in place.<\/p>\n\n\n\n
If you have a relatively uncomplicated situation or own a small amount of property, you can consider purchasing inexpensive will-maker software for your home computer.<\/p>\n\n\n\n
2. Make Some Lists<\/h2>\n\n\n\n
Before you , you may want to compile some basic information about your assets.<\/p>\n\n\n\n
Go through your home and make a list of all items worth more than $100, such as your home itself, jewelry, electronics, and collectables. You should also make a list of all of your non-physical property, such as 401K plans, , IRA assets, and bank accounts.<\/p>\n\n\n\n
Keep in mind that the funds from these accounts will go directly to the beneficiaries listed on them in the event of your death, no matter who you designate them to in your will. If you are unsure of who your beneficiaries are for certain accounts, contact the appropriate customer service departments.<\/p>\n\n\n\n
You should also keep a record of your debts, including mortgages, auto loans, student loans, and credit card bills. This will make taking care of your paperwork easier to organize if you are not around.<\/p>\n\n\n\n
3. Designate Someone You Trust<\/h2>\n\n\n\n
You will need to choose an executor for your will. This person will oversee the paying off of your debts and the distribution of your assets.<\/p>\n\n\n\n
You may not want to choose your spouse or child right away. Think about those closest to you, and consider those individuals who are the most responsible, mentally sound, and trustworthy. Remember that there is a possibility that there could be disagreements among those you love if there are any questions about your wishes.<\/p>\n\n\n\n
It is also important to choose a Power of Attorney. This is the person who will carry out your orders in the event that you are struck with an illness or disability that leaves you unable to make your own decisions.<\/p>\n\n\n\n
Your attorney can speak with you about a living will, which will indicate the medical treatment that you wish to receive when you can no longer give informed consent.<\/p>\n\n\n\n
Estate Planning Basics<\/h2>\n\n\n\n
Choosing trusted administrators, making lists of your assets and liabilities, and creating a will are estate planning basics you can\u2019t afford to forego. Taking care of these details will give you peace about what will happen to your property if the worst occurs.<\/p>\n\n\n\n
For more information about legal matters, today.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Studies show that 78% of Millenials (ages 18-36,) and 64% of Gen-Xers (ages 37-52) do not have a will. By contrast, 81% of those over 72 years old, and 58% of Baby Boomers (ages 53-71), do have a will in place. No one likes to think about preparing for the worst. Yet a failure to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"_links":{"self":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/2549"}],"collection":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/comments?post=2549"}],"version-history":[{"count":1,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/2549\/revisions"}],"predecessor-version":[{"id":2551,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/2549\/revisions\/2551"}],"wp:attachment":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/media?parent=2549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/categories?post=2549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/tags?post=2549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}