We may not want to accept the fact that we are not invincible; that something is going to happen to us anytime soon. It is, however, wise if we do, so that we will be able to prepare a few things for those who are left behind.

1. Estate Planning: Is It Important?
We may not want to accept the fact that we are not invincible; that something is going to
happen to us anytime soon. It is, however, wise if we do, so that we will be able to
prepare a few things for those who are left behind.
You can never take your properties with you, yet you still won’t be leaving it behind
unless you plan things. Estate planning makes things easier for your family.
I know it is impossible to talk about death, let alone accept the fact that sooner or later,
all of us will have to face it. However, when you want to leave your estate behind, you
have to try bearing the thought.
Even if you think you have a small net worth, you still need to have an estate plan. This
way, you are sure that your financial goals after you die are met.
An estate plan has a few elements: the power of attorney; a will; and a health care
proxy or living will. Some people even think that a trust makes sense.
To start off, making an inventory of all your assets is always a good start. This includes
all your retirement savings, investments, real estate, insurance policies, and business
interests.
There are three main questions that you should ask yourself. First: who should inherit
my assets? Second: who should handle my financial dealings when I’m debilitated?
Third: who should make medical decisions for me when I can’t make them anymore?
Do you need a will? Of course, you do. The will tells the rest of humanity where your
assets are supposed to be distributed when you die. This is also the best venue for you
to pinpoint the possible guardians-to-be of your children when you die. Without a will,
the rightful heirs will never have the right to claim anything. If you do not want that to
happen, you should start making one now.
It is important to discuss matters of inheritance to your heirs before you’re gone, so that
there would be no conflict arising anytime soon.
So, unless you want to leave behind your family nothing, you should start planning your
estate now.
Need more estate planning advice? Contact Deborah Koval.