3 Useful Tips To Help Guide Your Estate Planning Process

Do you have assets that you would liked passed down to your surviving relatives when you are no longer here? Are you concerned about not being able to make decisions regarding your own healthcare due to an existing or persistent health problem? If you answered yes to either one of these questions, then you may want to seriously consider obtaining a legal representative to help you with the planning of your estate. This is especially relevant for anyone who has minor children whom will require guardianship. However, even with a lawyer in tow, you still may want to educate yourself on any and all matters that may pertain to you and your situation. This article will discuss three useful tips to help guide your estate planning process.

The first useful tip to help guide your estate planning process is to name both a guardian and a financial trustee for your minor children. While you may be tempted to name the same person to handle both responsibilities, for the sake of your children, don't fall into that trap. In effect, doing so will establish a system that will force both parties to discuss matters prior to making decisions thereby eliminating one-sided and rash decision making that does not have the best interest of the children at the focal point.

The second useful tip to help guide your estate planning process is to be explicit in the writing of your will. Specifically, if you want less than half of your estate to go to your living spouse upon your passing or if you want to disinherit someone, be sure and spell it out in your will. Also, if you want the beneficiaries of your current life insurance policies to remain the same, be sure to keep those policies current by updating them immediately upon major life changes. In addition, always be sure to name an executor and backup person, just in case.

The third useful tip to help guide your estate planning process is to prepare a durable power of attorney for finances and a proxy for healthcare. All too often, individuals are placed in a position to make serious decisions regarding the health and finances of an incapacitated family member. While it is difficult to determine whether or you will ever need such help in your lifetime, it is wise to go ahead, while you are able mind and body, and designate someone you know and trust to be your durable power of attorney for finances as well as a proxy for healthcare.

Whether you are a wealthy person or not you should seriously consider planning ahead with respect to your estate. Specifically, there are three useful tips to help guide your estate planning process, they include; naming both a guardian and a financial trustee for your minor children, being explicit in the writing of your will and preparing a durable power of attorney for finances and a proxy for healthcare.