As you made a list of goals or resolutions for the year, one item you may have forgotten was to complete an estate plan. It is not enough for you to tell you loved ones what you want them to have when you pass on. Without documents in place detailing your wishes, your family members may not receive what you want them to.
Creating an estate plan may not feel like a positive goal, but in actuality it can be a huge benefit to your family. If you do not want to end up compromising your legacy, you must be willing to do what it takes to secure it. Here are some factors for you to consider as you work on your estate plans.
There is a possibility that you may end up living much longer than expected. A longer life expectancy means you may develop health problems that are common in older people. It does not take much for you to include plans that will take care of your medical needs down the road. Even if you end up enjoying optimal health until the end, you can rest easy knowing your loved ones do not have the burden of making critical decisions about your care.
Review your family’s medical history and consider your personal health as you examine your end-of-life medical plans. You should anticipate the likelihood of you needing invasive procedures and life-saving treatments and leave behind instructions detailing the ones you want and do not and include them in your advanced directive and living will.
Gifting your loved ones with your assets does not ensure they will receive them. Even if you properly structure your estate plans, your assets may lose their value and the courts may use them to pay off your creditors. Living trusts allow you to shield included assets from creditors to ensure your family members can continue building on the wealth you leave them.
Anyone can create an estate plan, but it takes careful planning and the right strategies to ensure that your arrangements fully protect your assets and legacy against obstacles.