Create an estate plan and will
After a death, a deceased person's Estate will need to first be Administered before their Assets can be distributed to Heirs or other Beneficiaries.
Settling an Estate can be a challenging process because it involves complicated logistical, legal, financial, and tax matters.
To make the process easier for Surviving Family members and Executors, it's important to create an Estate Plan that clearly states the wishes of the deceased and ensures that they are followed after death.
Estate planning documents can be challenging to create so it's important to hire an Estate Attorney to ensure that they are created properly and in accordance with state Probate laws. As such, the hired attorney should be licensed in the state where the plan creator lives so they are familiar with local laws and procedures.
Typically, these types of documents are created by people who are nearing end-of-life, but this is incorrect. It's best that all adults, even young adults, create an estate plan in order to relieve the burden of decision making on others in case something should happen.
At a high level, an estate plan includes many important pieces of information, such as:
- Who can speak and make decisions for the deceased if they are unable to
- Who are considered beneficiaries
- Who should receive assets
An estate plan will typically:
- Include a Last Will and Testament or Trust
- Designate to whom assets will be left (goods, property, etc)
- Designates a Guardian to care for Minor children (if applicable)
- Appoints a person to manage their estate, known as an executor
Estate plans will also will designate beneficiaries
- Many Assets are transferred to beneficiaries through a will, but others can be transferred outside of a will
- These include, but are not limited to bank, brokerage or retirement accounts
- This document lists all possible Transfer-On-Death accounts to more easily manage each transfer after a death
Estate plans will also name a Power of Attorney
- Names individuals who act or speak on your behalf if you're unable to do so yourself
- This person can manage all aspects of end-of-life decisions, or be designated for specific areas such as healthcare or finances
Estate plans may also include a Letter of Intent
Items could include wishes for asset dissemination, Funeral arrangements or any other special requests of the surviving family
Personal Considerations
Do you have debts?
Talk to an attorney about how best to plan ahead to support your loved ones after you pass away and to ensure that any debts will be covered.
Continue to review other estate planning options.
Talk to an attorney about how best to plan ahead to support your loved ones after you pass away and to ensure that any debts will be covered.
Continue to review other estate planning options.
Do you have a mortgage?
Talk to an attorney about the best way to plan for what happens to your property if you pass away.
A transfer on death deed is one of the easiest ways to transfer real estate property to a spouse or other family member. This passes the asset outside of probate so the beneficiary can receive that asset immediately. Contact an estate planning attorney for the creation of a transfer on death deed form.
Furthermore, if your spouse is listed on the deed, this is one way to ensure they can take over the mortgage and own the property.
Typically, purchasing life insurance is one way to provide for mortgage funds for a loved one who will continue to live in a home after someone passes away.
Continue to review other estate planning options.
Talk to an attorney about the best way to plan for what happens to your property if you pass away.
A transfer on death deed is one of the easiest ways to transfer real estate property to a spouse or other family member. This passes the asset outside of probate so the beneficiary can receive that asset immediately. Contact an estate planning attorney for the creation of a transfer on death deed form.
Furthermore, if your spouse is listed on the deed, this is one way to ensure they can take over the mortgage and own the property.
Typically, purchasing life insurance is one way to provide for mortgage funds for a loved one who will continue to live in a home after someone passes away.
Continue to review other estate planning options.
Do you have specific wishes for your final disposition?
Document these and discuss them with relevant family members.
Prepay for your final disposition services such as cremation or burial.
Store those documents and discuss them with family members so they know who to contact when you pass away.
Investigate available options and costs. Prepaying for these services can make things easier for your loved ones after you pass away.
If you do not have a specific preference, choose an option that is accessible to them (nearby or pre-arranged) and affordable for you.
Document these and discuss them with relevant family members.
Prepay for your final disposition services such as cremation or burial.
Store those documents and discuss them with family members so they know who to contact when you pass away.
Investigate available options and costs. Prepaying for these services can make things easier for your loved ones after you pass away.
If you do not have a specific preference, choose an option that is accessible to them (nearby or pre-arranged) and affordable for you.
Do you wish to be memorialized at a funeral home or in a specific manner?
Consider prepaying for that service and leaving clear instructions for your executor and loved ones to review once you pass away.
You can also discuss these plans with your loved ones now.
Ask your loved ones if they have specific services or ideas in mind.
Consider prepaying for that service and leaving clear instructions for your executor and loved ones to review once you pass away.
You can also discuss these plans with your loved ones now.
Ask your loved ones if they have specific services or ideas in mind.
Have you prepaid for any funeral/final disposition services?
Make sure it is documented and your successors are aware or will be made aware easily.
Leave behind any instructions if your loved ones will have a selection of certain items to choose from so they can review this if you pass away.
Consider locking in the price of a funeral or memorial in advance.
Not only does this save money, but it can help your loved ones plan your funeral or memorial service in a timely manner.
Make sure it is documented and your successors are aware or will be made aware easily.
Leave behind any instructions if your loved ones will have a selection of certain items to choose from so they can review this if you pass away.
Consider locking in the price of a funeral or memorial in advance.
Not only does this save money, but it can help your loved ones plan your funeral or memorial service in a timely manner.
Providers to Contact
Estate Attorneys Near You
Estate planning attorneys help you plan for the transfer of your assets after death. They can help you get your estate organized and ensure your loved ones are provided for the way you want.
