3 Future Preparations You Can’t Afford Not to Have
It is easy to become so preoccupied with the present that we fail to prepare for the future. However, for peace of mind and loved ones’ well-being, here are important tasks to arrange at your earliest convenience, because we don’t exactly what life has in store for us.
Last Will and Testament
Everyone who comes of age should have a personal Last Will and Testament. It can be as simple as one page, depending on your assets and responsibilities.
The disposition of your valuable belongings, including bank account balances, property, etc., should be clearly explained, along with who you want to oversee their distribution. Usually a relative or close friend and termed an executor of the estate.
This person will work with an attorney to see that your wishes are carried out.
Funeral Arrangements
Included with the Will or as a separate document, your funeral arrangements should be explained for the executor or family member who will oversee it.
Family members sometimes become overwhelmed with emotion when a loved one passes, and they may want to plan a very different funeral than the one you want to have.
Some people prepay their funerals, but this is not necessary. You just need to indicate which funeral home you want to handle the arrangements, where you plan to be buried and whether a grave has been purchased, and the type of service, religious or otherwise, you would like to have held. Keep in mind that funerals are for the living, so plan with your loved ones in mind, including the cost.
Estate Plan
An estate plan is a comprehensive document that describes the disposition of your assets, such as income, property, savings, investments, and so on.
The estate plan also explains whether you want to liquidate everything at the time of your passing with bequests made to those named in your will, or if trusts will be set up to release funds over time.
A trust is often used to provide financial support for underage children, a spouse—unless he or she inherits everything at the time of your passing, or a dependent of any kind, including a mentally infirm or institutionalized family member.
An attorney who specializes in this area of law can help you understand the importance of establishing an estate plan and how to set one up that meets your specific needs.
Although future planning can make us uneasy, doing so will provide peace of mind. You may not need the plans you’ve made for a long time, but, you can be sure that you and your loved ones won’t be caught unprepared should anything unexpected come up.
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Category: Family Finances
