What Needs to Be Part of Your Comprehensive Estate Plan



Planning your estate is a big job that can be complicated, especially when you are trying to create a truly comprehensive estate plan. When you are working towards those goals, there are many elements that you need to make sure you include in your plan so you don’t miss anything important. Making your estate plan as clear as possible will help to protect your assets and make things easier on your family.


Life Insurance

Your primary concern is making sure that your family will have financial security after your death. Getting life insurance can help to make that a reality and also ensure that your family has the funds to follow your wishes for a funeral or other memorial service. When choosing life insurance, you will have to decide whether you want a term or whole life insurance policy. Term policies tend to be more affordable, but they are only valid for a particular amount of time and don’t result in as large of pay outs. A whole life insurance policy will be more expensive up front but will also be long lasting and more lucrative for your family.


Trusts

You may also want to put money into a trust or multiple trusts depending on your financial and familial position. Putting money into a trust helps to protect your assets and ensure that they aren’t mishandled. Trusts will also help to prevent your estate from going into probate. Probate can be a long, drawn-out process for your heirs. But if you have properly organized your assets, the process of probate can be totally avoided, which will make life easier for the people you love in a difficult time.


Your Will

Writing a will is another important step that you need to take care of if you want your estate plan to be complete. This is especially important if you have children, since you want to make sure they are taken care of. It is a good idea to choose a caregiver in your will, so you know your kids will have someone great to be with. You also need to talk to the caregiver before completing your will so you know they are in agreement.


Taking care of estate planning isn’t the most exciting thing to do, but it is important. Everyone’s estate is different, so there may be things that you need that others might not. It can help to talk to a financial advisor so they can help you to plan appropriately for your estate.


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