Estate planning is not something people typically look forward too with anticipation or excitement. Instead, it is a task that every adult needs to handle at some point in their lives. The sooner you start thinking about your estate planning, the better prepared you will be should something happen expectantly. Much of your estate planning will be making financial decisions regarding what will be left when you are gone. With estate planning in mind, here are three things you need to do before you die.
1. Pay off debt
When estate planning, the last thing you want to do is leave your loved ones with debt that they have to deal with or that will eat away any inheritance they may have received. Paying off your debt while you are still alive will lessen the burden placed on those you love after you’ve passed.
Once your debt is taken care of, you can work with a financial advisor to make the most of your wealth and assets. Investment professionals like Mark Wiseman help people and businesses make the financial decisions that will serve them best in both the short and long-term.
If increasing wealth and investments to leave your family a substantial amount after you pass is important to you, work with someone like Wiseman, who has years of education and experience in the financial industry and can help you make smart financial decisions.
2. Decide what you want to leave for your family
Part of your estate planning is deciding what you are going to leave your family and friends. Your final wishes will be detailed in your will, but the decisions need to be made first. The will should include final instructions for all of your assets and possessions.
Without a written will, your family will be stuck with making a multitude of difficult decisions. Depending on your assets and family members, this may also lead to fighting and resentments that last for years after you die. To avoid strife and stress for your family, work with a lawyer to create a will, so there are no questions as to who gets what after you are gone.
3. Plan for burial expenses and wishes
An important thing to remember when estate planning is that you are going to die one day. Too often, people do not plan for burial expenses because they don’t want to face their mortality. However, death is inevitable, and refusing to face it will only mean more hardship for your already grieving loved ones.
You have a few options when planning for burial expenses. You can buy a life insurance policy that is enough to cover all possible costs and then make someone close to your beneficiary, who you trust to carry out your final wishes. You can also prepay those expenses through the funeral home or your choice, so all your family needs to do is call the funeral home, and everything is already picked out and arranged.
When preparing, you can go ahead and choose the coffin, headstone, flowers, and other details for your funeral and burial, so your family does not need to worry about it. You can also leave your loved ones with plenty of money to cover all the required expenses.
Estate planning can be overwhelming and emotionally draining. It is vital to work with people who are experts in their fields. You will need financial experts as well as legal experts that will help you prepare your will. You may also choose to work with a funeral director to ensure that all of your final wishes for your funeral and burial are pre-arranged.