Wouldn’t knowing someone will step in if you become incapacitated create a little peace of mind? Wouldn’t knowing that your family is taken care of create even more peace of mind? Wouldn’t knowing there is a plan in place – a plan you developed – if something happens to you take a significant weight off your shoulders?
Estate planning can do a lot of things for you, but one of the most valuable takeaways is peace of mind.
A recent Forbes article, titled “11 Fundamental Elements of a Stress-Free Estate Plan,” provides practical advice on how to design a plan that protects your assets and provides for loved ones. While everyone’s individual needs are a bit different, there are some basic components you need to examine along with deciding who gets what.
Here are some key points to consider from the original article:
- Determine who you want managing your affairs if you become disabled, incapacitated, or pass away;
- Plan in the event you have to live in a nursing home or receive significant long-term healthcare, as well as the effect of Medicaid on your financial needs;
- Protect the assets inherited by your heirs from litigation and divorce;
- Provide for the care of children and grandchildren who may be too young or inexperienced to effectively manage money;
- Provide for children or grandchildren with special needs or in special circumstances;
- Prevent challenges to your estate plan; and
- Plan a family estate plan for blended families that ensures everyone is provided for according to your wishes.
Start your planning now. Read more about these basics to be covered today … because estate plans are as much about today as they are about the future.
Reference: Forbes (December 9, 2014) “11 Fundamental Elements of a Stress-Free Estate Plan”