According to professionals, less than half of Americans have any estate-planning documents. But making arrangements for the time when you will be gone not only takes care of the people left behind; it also ensures that your bills are taken care of in the way that you desire.
Here are a few estate planning tips that will guarantee your safe and efficient departure.
Write a Will
If you die without a will, the state may take over and divvy up your assets. Generally, spouses and children get first dibs, and then other relatives like parents and siblings. If there is no family, assets go to the state.
Review Your Will/Trust Annually
Changes in your finances or personal relationships may necessitate a change in your final will. Since most of us don't know when we're going to die, dynamic life changes may require us to make updates to who gets what and how much. To know more about estate planning, you can also navigate to http://www.einheuserlegal.com/michigan-estate-planning-attorney.
Acquire Life Insurance
At least make sure you have the basics covered when calculating how much life insurance may be necessary. Consider the summation of any outstanding debts you may have, your final expenses, and funds for savings goals.
Create Three Critical Additional Documents
Estate planning is about more than our final wishes, it also involves creating documents that determine what happens in case we are unable to take care of ourselves while we are living.