Thinking about death and getting your affairs in order is not fun. A lot of people put estate planning off, sometimes until it’s too late. If you don’t want your family to struggle with managing your estate after you pass, you need to make sure that you have everything in order. Follow these tips and when the time comes, your family will be prepared.
1. Contact an Attorney
Most people think that all they need to do to get their estate ready is to create and sign a will. However, this might not be in the best interest of your heirs. Get in contact with an estate planning attorney Sun City AZ to figure out the best way to structure your finances. You may find out that you would be best served by establishing a trust rather than writing a will. A professional will be able to guide you.
2. Put Together a List of Your Debts
No matter how you structure your estate, you will have an executor who is responsible for making sure everything is done the way you want. To avoid them being blindsided with unexpected bills popping up, list any debts that you have. This includes credit cards, mortgages, personal loans, etc.
3. Draw Up a Durable Power of Attorney
In the event that you become incapacitated, it is important to designate someone with your durable power of attorney (DPA). This will give them the ability to make financial and healthcare decisions on your behalf. A DPA will remain in effect even when you can no longer manage your affairs.
No one wants to think about dying but at the same time, you need to be prepared. Planning your estate is about taking care of those you leave behind. Make sure that everything is in order for them by following these suggestions.