by Semify
Thinking about death can be a difficult task for a majority of people, and this is even more the case when it’s about themselves. That said, it’s a good idea to not only think about it and get comfortable with it, but to also make advance planning for it. This can save your loved ones a lot of hassle if something happens to you at a time when you least expect it. If you die without a will, which is known as dying intestate, you may leave a lot of issues in your wake, and outlined below are four of the ways in which you can prepare for your own passing.
1. Keep Important Documentation in One Place
First off, gather all your important documents so that they’re all in the same place. This will make it easy for you to retrieve them when you need to prepare an estate plan or write a will. These documents include evidence of any businesses that you may have, title deeds, and more. No matter how much land you own in a place like Florida, which has a surface area of 65,755 square miles, there should be some evidence of where it is and how large it is if you want to exercise your legal rights over it. As such, take time to find any documents that you may need so that it’s easier to protect it from possible issues down the road.
2. Appoint a Power of Attorney
The next thing that you need to do is to think about appointing a power of attorney. This is a legal document that gives a third party the authority to make decisions on your behalf. If you like, you can appoint one for healthcare decisions or financial matters, or simply appoint one for both. This way, should you unexpectedly become incapacitated and unable to make decisions for yourself, you can be sure that there’s someone reliable who can help you get your wants executed. Given the amount of power this person will have, it’s important to make sure that you trust them fully.
3. Consider Setting Up a Living Trust
It’s also a great idea for you to set up a living trust. This is a legal document that allows you to transfer your money and assets to your beneficiaries without putting them through the process of probate. Probate can be quite costly and lengthy, so it’s a great idea to avoid it whenever you can by putting a living trust in place. There are two types of living trusts that you can set up, and one is a revocable trust while the other one is an irrevocable trust. Consult with an attorney so that you can find out the right living trust to set up so that you do it right and avoid the complexity of the process.
4. Think Who Your Beneficiaries Will Be
Finally, and perhaps most importantly, you need to identify your beneficiaries. Keep in mind that you may need to update this list as events change. This is because your beneficiaries could be your own family or a charity of your choosing.
The second option can offer your estate tax benefits, and working with a lawyer will help you understand the best way to go about doing this. You may also need to set aside money or buy insurance to make sure that your family is taken proper care of in case of something like a health issue. For instance, adults aged above 35 years lose more teeth to periodontal or gum diseases than they do from cavities, so you may have to put a good health plan in place to offset such issues should they arise.
In these four ways, you can make preparations for your own passing. As a result, you may save your family a lot of hassle and take care of them long after you’re no longer able to do so. Think about them, and remember that the hardest part is taking the initial step, after which things should fall into place.
So, what do you think ?