What you should know
Estate planning is an important part of everyone's future, whether or not they want to think about who will look after their affairs when they die. By having these details planned out in advance, even if it's hard to think about it, it makes the process much easier and streamlined for loved ones who will eventually mourn your passing. A big part of estate planning is having a will in place to make sure your final demands are carried out and there is no question as to how affairs should be handled.
What are the advantages of a will?
A will is an important part of general estate planning. Although some people think that setting up a will is futile, there are a number of advantages to preparing this document:
Having a will gives you the flexibility to decide who will receive specific assets upon your death. For people with children, this can also include who will have custody of the children if something happens to you while they are still considered minors.
A will can indicate who will be appointed executor of your estate at the time of your death.
Writing a will can give you the peace of mind that your final business planning is already in place and your grieving loved ones don't have to struggle with tough decisions.
Choose an executor
Choosing the executor of your estate is an important decision that should not be taken lightly. When thinking about who will fill this role, think of someone who is well organized, able to meet important deadlines, and someone who will be honest and direct with what the will describes. When making this decision, it's important not to worry about who might be offended or hurt – an executor should be chosen based on their ability to complete the task.
Different estate planning documents
There are a number of documents involved in estate planning, and making sure you select the ones you need can be confusing. Here is a brief explanation to better understand these documents:
- Last will: Distribution of property, legal guardian of minor children, last wills including funeral arrangements
- Living will: Survival preferences, organ donation specifications
- Confidence lounge: Avoid probate costs and delays, keep estate information private, reduce some estate taxes
Investment advisory services offered by Global Financial Private Capital, LLC and SEC Registered Investment Advisor. All comments regarding safe and secure investments and guaranteed income streams are only for fixed insurance products.