You’ve put it off for as long as possible, but it’s time to get your estate planning done. You love your family, so don’t leave them with a mess to sort out after you’re gone. Now that it’s tax time, consider putting some of your return toward your will and other final documents.
What kind of documents should be part of your estate plan?
At a minimum, you should have a final will and testament. This is the document that puts someone in charge of your estate and dictates how you want your financial assets and personal possessions distributed. Your will can also be used to name a guardian for your children, if you have any.
You may also want to consider:
- A revocable living trust: This can protect your assets from unnecessary taxes after you are gone and make the transition for your heirs easier.
- Powers of attorney: No matter what your age, you could be suddenly incapacitated. A financial power of attorney gives someone the authority to handle your affairs, while a medical power of attorney puts someone in charge of your medical treatment.
- A living will: Again, anybody can be the victim of a sudden medical emergency. Having your preferences about your health care in writing can make things easier for you and your loved ones.
- A digital assets letter: This can include your passwords and account names on your social media pages and your emails, among other things. Having this handy can help your loved ones close out your accounts and avoid painful electronic reminders of your loss.
If you’re ready to get your estate plans in order and ease your family’s concerns, contact our office today.