Two Tips For Creating An Effective Estate Plan
Planning for one's passing is never a task that is enjoyable, but it is necessary if you are wanting to minimize the amount of stress that is caused by your passing. During this process, there can seemingly be a countless number of tasks that will have to be addressed. All this can seem very overwhelming, but there are a couple of tips you can follow to help minimize the chances that you overlook something or there is a problem executing your will upon your death.
Consider Creating A Trust
For those wanting to leave their assets to their loved ones, it will be important to address any debts that may remain upon death. These creditors may be able to seize the assets after your death to settle these accounts, but there are steps you can take the eliminate this risk. One of the most effective is through the creation of a trust.
The trust can be bequeathed enough money to cover the cost of your remaining liabilities, and when you die, this trust can be used to settle these accounts with minimal stress or effort by your loved ones. If you lack the money to create this trust right now, it is possible to take out a life insurance policy and have its claim be awarded to the trust, and this will allow anyone to enjoy this approach to settling their final expenses.
Create An Asset Map
While the process of deciding how your assets will be divided upon your death can be an exhausting and extensive process, many people make the mistake of failing to leave a guide to where these assets can be found. While this may not be a problem for large items such as real estate or cars, the same can not be said for financial assets and heirlooms.
By creating an asset map, you will leave behind a document that tells your loved ones how to access these assets when you have died. Without this document, they may need to hire an attorney to gain access to your assets, and this can be an expensive and stressful experience. By leaving behind this document, you can help them avoid this unnecessary expense.
Planning for your own passing is an essential part making sure that your loved ones are taken care of after you pass away. However, estate planning is not a simple task, and it will take a great deal of commitment on your part to complete this process. By following these two tips, you can help ensure that this time spent is not wasted by unforeseen hang-ups or overlooking important details that can void much of the benefit of these plans. (For more information, you can contact an estate planning attorney at Auton-Beck Betty A Professional Law Corporation)