The death of a loved one is often a stressful time for the immediate family. Fortunately, there are ways that one can minimize this stress and make this time about celebrating life rather than sinking under the mounting decisions that must be made. While many Washington residents have already recognized the need for estate planning, there are many more who have yet to do so.
First of all, each individual needs some form of estate plan. Even those just starting out really do need to begin this process. Then, as one ages and things change, the estate plan can be updated to account for current assets and circumstances. In fact, this plan should be updated regularly to take in to account life changes.
One of the most crucial aspects of such a plan is to clearly spell out who gets what. Specific assets should be designated for selected individuals or charities. Additionally, a guardian for any minor children should be named. If these issues are not addresses, it will be up to the courts to decide them.
The estate plan is also a way in which the individual can still maintain some control even after he or she has passed on. This can be done through placing stipulations on how inherited funds may be used. For example, funds can be identified to be used strictly for a college education or as charitable contributions.
Planning for the end of one’s life is not any easy process. However, when one fails to do so, he or she then allows the Washington court system to dictate how assets are distributed. Through proper estate planning, one can minimize the burden on loved ones and allow them to focus on the positive aspects of the individual’s life even after he or she has passed on.
Source: nuwireinvestor.com, “6 Savvy Estate Planning Tips to Get Your Affairs in Order“, March 18, 2017
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