Amazingly, more than 70% of Americans have no form of estate plan legally filed. And without an estate plan in place, you lose all say about your property, medical and final arrangements should you pass away. Without an estate plan…
- Attending doctors or the hospital will make medical decisions,
- Your family members will decide on burial arrangements, and
- State law will dictate the distribution of assets.
Estate planning is a process where an individual indicates in writing how his/her money and other property should be managed while he/she is living and after death. An estate plan also indicates what should happen in the event that an individual becomes mentally incapable of making financial or health-related decisions.
So take control of your life; draft an estate plan. It is actually easier than you may think. And enlisting the help of a professional financial consultant can make this process even easier.
For starters, ask yourself the following questions:
- What are my assets and what is their approximate value?
- Which people or organizations do I want to have these assets, and do I wish to give them up during my lifetime or after my death?
- Who should manage these assets during my lifetime if I become unable to do so or after my death if management is needed?
- Who should make decisions about my medical care and finances if I cannot make them?
- After I die, do I want my remains to be donated, cremated, scattered, or buried?
These questions will help guide you through the estate planning process. Your estate plan will incorporate several documents – a will or a living trust, a durable power of attorney for finances and health care, and advanced medical directives – that will address the above questions.
For more information about Estate Plans, or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
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Sources:
Estate Plans Help Seniors Keep Control
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