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How to Create a Fail-Safe Estate Plan

Tips to get your estate in orderDo you have your estate in order? Do you have a will drawn up and finalized? Does your family know where to locate these important documents?

Surprisingly, only one-third of Americans have a will, and less than half have any estate planning documents at all. And while we completely understand why such tasks might be avoided, we can’t help but stress the importance of having your affairs in order. You will feel reassured knowing that, if something should happen to you unexpectedly, at least your desires have been heard and your assets are protected.

Below is a list of eight things that you should consider doing so that, in the event of your death, your family and loved ones aren’t left in the lurch:

  • Establish:
    • A durable power of attorney
    • A release-of-information form
    • Advance directives
  • Avoid probate, and pass on your estate with less mess
  • Set up trusts
  • Divvy up your belongings
  • Plan your memorial and, if possible, prepay for your funeral. Final expense insurance can help with that: http://www.MediGapAdvisors.com/term-life-insurance.htm
  • Make the decision easy for your family, and choose burial or cremation

Planning for your passing is one of the most important things you will ever do in life, as it sets the tone for what will happen with your family for the rest of their lives. By doing these eight things, you can continue to take care of your family in the way you want them to be taken care of.

Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.

 

 
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