3 Types of Estate Plan Everyone Should Have

Estate planning is for those who have an inheritance to leave behind, and who want to see the wishes of their will carried out, will also need to plan their estate. Even making a will is part of estate planning. When it comes to specific situations in your life, you ought to have strategies in place. A last will & testament, for example, is a strategy we should all have in place.

The Estate Plans We Should All Complete

When we shuffle off this mortal coil, we will leave behind a reputation and a legacy. Before we fade into memory, we all want to make an impression that secures our legacy on this earth. That might mean passing on the intellectual rights of your artwork to your children upon death, and it might mean splitting up acres of arable land. Whatever your legacy is, protect it using an expert estate planner such as executive estate planners in Goodyear, AZ to take charge of your documents. Asides from a will, though, pro estate planning agents will advise you to put these key plans in place to protect your future and your legacy.

4 Estate Plans to Implement Now

It’s never too late to start future-proofing your finances. Implement these top four plans for your legacy to ensure a better future for your descendants.

1 – Power of Attorney

As you age, implementing a strategy where power of attorney is acceptable to you is a good way to secure your old-age comforts. Imagine, for example, that dementia became a health problem for you. Putting a plan in place which names a person to take care of you through power of attorney is wise.

2 – Buying Property

When you invest in property your literally expand your estate. The more your estate grows, the more forward-thinking you must do to plan for what happens to those buildings, or to the income you make from them when you are not here. Remember, smart homes and solar panels are the future. Modernized property is far better to leave your children than an abandoned house.

3 – Outlining your Funeral Arrangements

Informing an attorney of your intentions for your burial or after-death care is a weight off your relatives’ minds. After death, nobody knows where you keep your paperwork. Leaving your lawyer’s number instead will make things faster for everyone. The attorney can tell your relatives what your funeral wishes, and the funding situation is. You are then free to plan the funeral as per your last wishes.

What happens if you don’t plan for your finances?

If you don’t have a will in place, you leave yourself at risk to those who would profit off your legacy upon your death. Relatives will fight for your finances, your possessions will become pawns, and your property may be sold without your wishes. On the other hand, you may have a sweet family who shares everything equally. Either way, a plan will set boundaries for all.

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