If you really want to do your kids a favor, spend some time planning for when youâ€™re gone. Whatever decisions you can make on behalf of your family now will benefit everyone later. Make sure that you have a valid and easy-to-read will and estate plan kept in a secure location.
Before you scribble who gets what on the back of an envelope, ask friends for a recommendation for an attorney who specializes in trusts and will and do a search forÂ reliable estate planners near me Mission Viejo CA. Avoid confusion later by letting professionals help you get your paperwork in order.
Figure Out What You Have
Itâ€™s important to take a thorough inventory of your assets so you know what youâ€™re working with when it comes time to divide everything up. You may want all your heirs to get an equal portion or you may want to set aside special funds for special circumstances such as helping a grandchild pay for school or reserving money for a relative with special needs.
Make Decisions Now
Nobody plans to get infirm or incapable, but dementia and diseases likeÂ Alzheimerâ€™sÂ strike without regard to your wishes. Make decisions now about who will hold your power of attorney if you become incompetent. In addition, consider signing a medical directive so loved ones know just how far youâ€™re willing to go with medical care.
Set Money Aside
Investigate your stateâ€™s inheritance and estate tax laws so you will know just how much money needs to be set aside to cover those fees. If you donâ€™t, your beneficiaries may end paying a large portion of the money you planned to go to them. Also, prepay your funeral expenses as a final and thoughtful gift to your family.
Nobody likes to talk about death and dying, but itâ€™s much easier to do it when youâ€™re healthy and have a vigorous mind. Act responsibly now to save the heartache for your loved ones later.