While the topic of your family’s wellbeing after your passing may not be dinner table conversation, it is important that you have everything in order. If you do not plan your financial affairs ahead of time, you leave your family lost, confused, and grieving. Gathered are some helpful tips for you to put your financial affairs in order:
- Power of Attorney: Your financial power of attorney will provide you with peace of mind knowing your assets are in the right hands. It is important that you choose someone with whom you trust greatly and know will have your best interests in mind when making any financial decisions with your estate. You may want to choose an attorney if you have family tension.
- Children’s Property: You will also want to entrust someone that will monitor your minor children’s property. You can choose a property guardian or trustee with this very vital step.
- Pay-on-Death Beneficiaries: When your bank or retirement plan administrator provides you with the form, name a beneficiary. It is important that you do this and not list the beneficiary on your will or trust because then you can avoid the probate process.
- Estate Taxes: Check to make sure that your particular state does not impose estate or inheritance taxes. If it does, you will want to reduce your tax liability so that your heirs are not forced to pay hefty estate taxes.
- Funeral Expenses: The last thing you want is for your family to have to figure out funeral expenses while they are grieving. Rather than setting up a funeral repayment plan, you may want to arrange a Totten trust to simplify the process.
Contact Gaudy Law today and allow us to answer any questions you may have regarding estate planning. We are always available to help you with your probate and estate planning needs. We can help you get all of your financial affairs in order.