Top Tips for Creating an Estate Plan
Unfortunate events happen, despite how much we wish that they wouldn’t. When your time comes, you will need an effective estate plan to ensure that your property doesn’t become the center of a score of other problems, such as feuds within the family.
Here are some of the best actions you can take while you are healthy to ensure that, in the event of tragedy, your property will be properly handled.
- Create a Last Will and Testament
Probably the most obvious of all, taking the initiative to create a Last Will and Testament can prevent some of the worst issues concerning your estate when you die, including probate. A Last Will and Testament fully details how you wish your property to be split amongst your family and, if kept up to date, will prevent your property from entering probate.
Lacking a Last Will and Testament is one of the quickest ways to cause an inter-family feud, as your children will need to decide amongst themselves of how to split your property.
- Make a Healthcare Directive
Although it is uncomfortable to discuss what to do in the event of a tragedy, you need to have a plan. If the worst possible situation were to happen and you become mentally incapacitated, you don’t want your family fighting over what to do with you and your property. A slew of “She would have wanted it this way,” arguments can cause a heated rift between family members. A Healthcare Directive will allow you spell out the specific medical treatments you want when you are unable to provide consent.
- Choose a Respectable Executor
When choosing who will be your executor, be sure to choose a family member that is well respected by the others. A poor executor could cause arguments over whether he or she is fit for the position, and may also abuse the power for their own personal interests. Choose an executor based on how well they can handle the responsibility.
- Have a Power of Attorney
Sometimes, it might even be best to choose an outside party to be executor, immediately preventing all notions of jealousy from ever arising. A Power of Attorney will allow you to appoint someone to manage your affairs if you become incapacitated. It will also ensure that your property is legally protected, and that it will be divided in an accurate, timely manner.
If you haven’t yet created an estate plan for your property, you should take some time to be prepared. Tragedy strikes at unknown times, and the last thing you want is for your family to fall apart in feuding arguments.
Call us today to speak with an estate planning attorney to ensure that your legacy lives on and your family remains united.
