Estate Plan

One thing is for certain: all adults should have an estate plan. This is even more important for retirees, and an absolute must for anyone with a family.

It is simply a plan, with many pieces, with the goal establishing how you want your estate to be handled upon your death. At a glance this might seem morbid, but in reality it is the responsible thing to do, and a way to support your loved ones in the way you think is best.

But what's the best way to get peace of mind? Knowledge. Get informed, and know what the legal and financial reality is, and from that make the sometimes hard, but always important, decisions of how to handle your estate.

So, what makes up an estate plan?

The exact details change depending on what your goals are, and what your estate is like. That is to say, it changes depending on what, and how much, you have, and how you would like to handle it. There is no one-size-fits-all plan.

However, it is not complete without these:

• A valid last will and testament.
• A durable power of attorney.
• A letter of intent

Remember, each and every plan changes for different people. Just having those 3 items does not mean you have a complete plan.

When the process isn't practiced properly (or not at all), this almost always leads to stress and hardship on the family members. Your family members might have to become involved with business deals, or be surprised with unexpected expenses. Often there are disputes over heirlooms or assets too. It's almost certain that your assets will be taxed more if you do not have a good estate plan.

There are many excuses to not having a proper plan, but none of them hold up.

While it might cost a little bit of money to talk to a lawyer or a financial planner to establish what you want to happen with your assets after you die, it will cost a lot more to your family if you don't. Money will be lost in time spent in court, and in mismanagement of your estate.

You might find the topic too morbid to really think about. Having to plan for the end doesn't seem like a happy thing. However, estate plans are not about dying, they are about being prepared and giving you one last chance to help your family.

And once your plan is created, you're not done with it! It is always your responsibility to make sure it is updated, and that it reflects changes in your family, in the law, and in your finances.

Just remember that one reason you are creating your plan: your loved ones. So with that one reason, and the information on ElderlyElder.com, you should be set on creating a sound estate plan.

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