Estate Planning | 5 Easy Steps to Estate Planning
Estate Planning | Can be a difficult subject to approach for many people. The thought of leaving their partner or children
alone can be a difficult reality to face. However, it is an essential process in order to more fully protect one's assets and prepare for the future of the decedents children, spouse or other dependents.
One of the first steps to consider in estate planning is life insurance. While getting life insurance may depend on ones financial situation, it could help cover expenses upon death. The "death-benefit" should cover debts and any other financial aid that could help the spouse or dependents, such as covering burial expenses or funding college courses. Below are some further steps to follow. Establish a will. It is important to have a written will in place so that an estate is divided up as the decedent sees fit. Should a will not be established, it could lead to arguments among family members as to who gets what, which may eventually lead to long-term legal battles.
Establish power of attorney. Not only should a person prepare for dea