No one wishes to pass away and leave their family. Death is the final step in life however. No one manages to go through life without eventually coming to death. How you prepare for death is completely up to you though. Families facing an unexpected death can find themselves bombarded with a large amount of work and many expenses at the worst possible time.
People who choose to take advantage of estate planning prevent that. Estate planning allows people to ensure that their loved ones are prepared. All wishes are known and planned out for. Typically financial burdens have been alleviated. Estate planning is an important final gift anyone can give their loved ones.
Should You Use an Estate Planning Attorney?
Some people choose to use kits to plan out their estate and their wishes. These usually come in the form of do it yourself will kits. These kits are legally binding when they come from reputable sources and are completed correctly.
The expertise of an attorney while performing estate planning can not be emphasized enough. These are experts who have assisted many people with their estates. Estate planning attorneys will ensure that no factor is overlooked during the process. Their knowledge can often be put to advantage while considering things financially as well.
What is Included in Estate Planning?
There are many different aspects of estate planning that people should consider. Here are some
- Will - The will is typically the most important and most common aspect of estate planning. Wills distribute any wealth or belongings to the desired parties. In addition, they make things much easier for tax purposes.
- Power of Attorney - Whoever is chosen as the power of attorney will have the ability to make all decisions on your behalf. There is also a healthcare power of attorney. They are the ones who will make decisions in potentially difficult healthcare scenarios.
- Beneficiaries and- Some things will pass on without a will. Items like a 401(k) can be passed on, and anyone with life insurance has to designate their beneficiary.
- Letters of Intent - A letter of intent lets these beneficiaries know what the dying person wishes done with the items. Letters of intent are typically not legally binding, but considering they are going to people who have been chosen by the estate planner, it's likely they will be trusted to perform things as requested.
Top 5 Routes for "Estate Planning"
If you're interested in more information on estate planning, then there is a lot of information available throughout the internet. These five websites have proven to be knowledgeable and trustworthy when it comes to the information they provide:
- EstateWorkbook.comIf you're excited about doing your estate planning on your own, you can use this website that is loaded with information and helpful tools.
- HG.orgThis website allows for a comprehensive list of estate lawyers throughout the entirety of the United States. For people looking to find a lawyer to assist them with the process, there's no better resource. There's also guides and information available.
- USA TodayA quality newspaper that has transitioned online, USA Today has actually been quite good about publishing estate planning pieces. These pieces have allowed many people to get involved in their own estate planning.
- LegalzoomLegal zoom actually offers estate planning assistance and various packages for those who have started the estate planning process.
- InvestopediaInvestopedia is a great way to get information on financial subjects. There are guides and assistance with setting up the financial aspects of estate planning.
What is a Route?
A route is a gateway to learning. Routes.com's mission is to go beyond search results by curating summaries and top "routes" for today's most popular subjects. Learn More
Suggest a Route
Are we missing a subject you think should be given a route? Suggest a new route. Learn More
Become a routes.com contributor. Submit your route today! Learn More