There are some milestone life moments that we all need to be dutiful about planning for.
You have to have a plan for applying to college or learning a trade. Marriage, kids, and retirement planning is a decades-long process. The last major piece of the puzzle involves your end of life planning.
In the United States, 68% of people don’t have a will. This, along with several other steps, require your undivided attention. Here’s how you can plan your final wishes.
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You Need to Take Inventory of Everything You Own
Much of end of life planning involves deciding what to do with your belongings, money, and assets. This can be a mess to compile if you fail to carefully lay out your belongings, their value, and who you’re passing it along to.
Create a detailed inventory spreadsheet of everything and include it in your master folder for end of life planning. Go down every single item and asset and decide what you’d like to do with them.
Explore the Cost of a Funeral
When you die, your relatives will be dealing with unimaginable grief. You give them the gift of handling this difficult time by taking care of all your funeral arrangements in advance.
Having to plan your funeral in a state of grief will cause incredible stress to your relatives, so start exploring the cost of funerals now. Funerals cost $7,000-$,9000, on average.
The cost of your funeral will depend on what details you decide on, such as the type of casket, the place, where you want to be buried, or if cremation is your option of choice.
Talk to some funeral homes to get price sheets, and find out if they offer discounts for purchasing so far in advance.
Hire a Good Estate Lawyer
Now it’s time to hire an estate lawyer that can put together a last will and testament. This is the document that explains in detail how you want your assets allocated, who you’re disbursing money to, your funeral arrangements, and more.
A lawyer will explain it all and walk you through the options that make the most sense for you. Finalize this document with your lawyer and keep digital copies, hard copies in your home and safe deposit box, and on file with the law firm.
Compile a database of a good funeral home negligence lawyer to pass along to your descendants in case they run into any issues.
In addition to the will, many people decide to create trusts for their relatives. This allows for parameters and timetables that they’ll receive money or property, rather than giving it to them all at once.
For instance, you can have stipulations in place that disperse wealth when a child or grandchild graduates college, gets married, has a child, or otherwise takes life steps.
Work with the most skilled estate lawyer possible to make sure everything is done correctly.
Handle Your End of Life Planning
Addressing your end of life planning is of the utmost importance. Begin with these tips so that you know your wealth is handled correctly. A good estate lawyer will be happy to help you out.
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