Due to the sudden death of a very special lady, my mother-in-law, I thought this month I would address in my e-tips the important issue of estate planning.
I would like to pass on to you what I am learning as my husband and I go through the process of taking care of her estate.
First and foremost, young or old, single or married, everyone needs to have a will. If you have young children, you should name a guardian for their care, in the event of the passing of both parents. You should also appoint an executor, someone to over see that your wishes are carried out. Make sure you reassess your will as things change in your life.
Living Will: This is another legal document that you may want to consider. It instructs your loved ones of your intentions in the event that you can not speak for yourself.
Revocable Living Trust: This is something else you may want to consider if you have children who would be heirs. For the best advise on this speak to an attorney.
Power of Attorney: There are two of these to have in play. First, a Durable Power of Attorney for Health Care. This will carry out your medical wishes in the event you are not able. Second, a Durable Power Of Attorney for Financial. This will see that your bills are paid and your money's is protected.
A footnote to this, once you are deceased, both of these documents (Durable Power of Attorneys') become null and void, and the executor will then take over, once the Will goes through Probate Court.
It is important to have two names on your financial accounts, checking and savings. This will keep the state from having access to your accounts in the event of your death.
Life Insurance: Having this can help with the cost of funeral's and any expenses you may leave behind.
Now that you have taken care of all the legal issues, make sure you create a list of who, what, where, and when for a loved one. Be sure to tell the loved one where the list will be kept. Hopefully in a fire proof safe at home or at the bank in a safety deposit box.
I know this is not a pleasant subject, but I can't stress enough how important this is. If anything, it takes the burden off the loved ones you leave behind.
