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FINANCES
209 SENIOR LIVING | FINANCES
Estate Planning
It’s a necessary topic that most people do not want to broach, but one that becomes increasingly important as you build a lifetime of memories: What happens to our property, investments, savings and keepsakes when we die?
Estate planning is a key component in making sure that your wishes are followed, and that your remaining family isn’t caught off guard by final expenses. It can also help ensure that entitlement issues don’t arise in your absence. Here’s a look at how to get started.
FIND AN ATTORNEY
You’ll need to consider what will be given to individual beneficiaries first. Once you’ve mapped out a general plan, then it’s time to choose an attorney to guide you through what can be a complicated, emotional process. Get referrals from family or friends who’ve developed their own plans, and focus on reputable, accredited lawyers who specialize in this field. In the end, this becomes an issue of trust, as you’ll be sharing highly personal information in order to structure the estate plan properly. Take your time.
DISCUSS FINANCIALS
The first step to building an estate plan is to discuss all current assets and liabilities. This helps the attorney calculate net worth, which in turn dictates estate taxes. Frank discussions about debt will reveal whether — or how much — family members will have to deal with after you pass away.
CHOOSE AN EXECUTOR
An executor is someone you implicitly trust to act in your best interest at the time of your death — or, even before, should you become incapacitated. Some of the pressure of this decision is alleviated by the fact that you can set up more than one option, with different functions for different people. The executor’s living situation and ability to follow through are part of any selection process, since they’ll have to make a series of major decisions on your behalf.
REST EASIER
Developing a detailed estate plan might be one of the most important elements of end-of-life planning, and in some cases it’s a very difficult journey. But the process ultimately provides peace of mind that your death won’t create needless disruption relating to material things. With your wishes codified in an official document, you’ve done all you can to eliminate the prospect of family fighting over possessions, money and property.
P.L. Fry & Son Funeral Home
Katie Vera-Cruz
Advanced Funeral Planner (209) 244-5283 #FD637
katieclemons92@gmail.com
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DECEMBER 2021 14 SENIOR LIVING
