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Whether you’re 17, 34, or 59, you might be thinking about long-term planning. It sounds scary; getting your affairs in order at any age will not be easy, but we want to help.
Planning your affairs doesn’t mean making monthly or yearly appointments with your estate attorney. Our long-term planning guide will help you get started.
In this article, we will discuss three essential estate planning tips to get you on the right path.
1. Make a Will
Your will is one of the most important legal documents ever created. It is a document that will ensure your wishes are carried out after you die.
Determine who will be the executor of your will. This is the person who will be responsible for carrying out your wishes. Choose someone you trust who will be able to handle this responsibility.
Also, decide who will inherit your assets. This includes your property, money, and possessions. You can leave your assets to anyone, including family members, friends, or charities.
Lastly, for your will to be valid, it must be signed by you and two witnesses. Make sure your witnesses are people you trust and who will be able to attest to the fact that you were of sound mind when you signed the will.
If you don’t know where to start, do some research online and read more about writing a will.
2. Know Your Assets
Make a list of all your assets, including bank accounts, investment accounts, property, and personal belongings. Include the approximate value of each asset.
Review your debts, including mortgage debt, credit card debt, student loans, and other loans. Make a note of the interest rate and monthly payments for each debt.
Determine your net worth by subtracting your total liabilities from your total assets. This will give you a snapshot of your financial picture and help you set goals for your estate planning.
3. Make a Power of Attorney
This will allow you to designate someone to handle your affairs if you become incapacitated. Without a power of attorney, your family would have to go through the court system to get someone appointed to handle your affairs, which can be a long and expensive process.
There are a few things to remember when creating a power of attorney. First, you must decide who you want to appoint as your estate planning attorney. This person should be someone you trust implicitly, and who can handle your financial affairs.
Second, you must decide what type of authority you want to give your agent. You can give them broad authority to handle all of your affairs, or you can limit their jurisdiction to specific tasks. Finally, you need to make sure that your power of attorney is executed correctly and that you keep it in a safe place.
Estate Planning Tips: Start Now!
If you don’t have an estate plan, now is the time to get one. These three estate planning tips will help you get started. First, write your will. Second, make a list of your assets and liabilities. Third, choose who you want to be your executor. An estate plan is critical to ensuring that your wishes are carried out after you die.
Don’t put it off any longer. Start planning today.
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