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How to create an estate plan

Developing your estate plan is necessary for guaranteeing that your loved ones are properly cared for after you are gone. Beyond simply creating a will, estate planning is an important process that includes arranging your affairs for the end of your life, deciding who can make decisions on your behalf, who looks after your dependents and who will inherit your assets.

When it comes to estate planning, it’s common to feel overwhelmed. There are numerous factors to consider, and you might feel inclined to allow your family to manage matters in your absence. Without an estate plan, your loved ones may find themselves in a difficult position, trying to determine how to distribute your assets and making assumptions about your wishes.

Basic steps to creating your estate plan

These basic steps can help to make the process of estate planning a bit easier. They include the following:

  • Create a will. First, take inventory of all of your assets and financial accounts. Then, decide how those assets are to be distributed, designate an executor and name your beneficiaries. 
  • Choose who will be given power of attorney. This person will be responsible for making decisions on your behalf if you become incapacitated. Make sure that you choose someone who you trust to carry out your wishes regarding your wishes.
  • Create your advanced directives. This includes a living will, which explains your wishes regarding your healthcare. You will document whether or not you wish to be on life support and which procedures, if any, you want to be done if you fall ill and cannot speak for yourself.

There are other things that you may need to address, such as trust funds and how your executor will pay estate taxes. Therefore, it is important to seek guidance when creating your estate plan to ensure comprehensive coverage. 

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