At some point in life, it’s essential to decide how your property will be distributed when you die. It’s also a good idea to create a legal document stating your health care wishes if you become incapacitated. Talking with your children about these choices and providing them access to specific documents is also essential as it should help make the process smoother.
Designating someone to make health care and financial decisions
Using an estate plan can be helpful if you get injured or become ill and can’t make medical decisions independently. Estate planning is also a critical step you should take when you want to pass on your assets to specific beneficiaries. Going through the process allows you to state your wishes and have them provided in legal documentation. Involving your children in the decisions regarding your will or estate plan is also vital to help avoid problems in the future.
Establishing a trust can be helpful
When you want to be specific about how your assets are distributed after you die, establishing a living trust can be helpful. You’ll need to pick a trustee to manage the affairs of your trust, which might be a professional trustee, a family member or friend.
Share your final wishes with your children
Sharing the information regarding your last wishes with your children lets them know how your assets will be distributed when you die. It also prepares them for significant changes if you become incapacitated. Providing one or more of your kids with information regarding your financial statements, computer passwords and legal documents is also important. This action helps make the process of caring for your health care needs or distributing assets much more efficient.
The estate planning process determines how your assets will be distributed and ensures your health care wishes are met. Speaking with your children about their roles when you die or become incapacitated should help tie up any loose ends, allowing them to avoid surprises.