Estate Planning: A 12-Step Checklist of the Basics

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Estate Planning A 12-Step Checklist of the Basics
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• Estate Planning Power of Attorney
• Ever wondered what will happen to your family if
  anything happens to you? Ever thought about the
  hardships they would have to go through in such a
  case? Estate planning can help lower that burden.
  I am not saying that this certainly will happen,
  but being prepared is how you can protect your
  family. How you can do that? For that, you need
  to start from the basics of Estate Planning.
• What is Estate Planning?
• Estate Planning is the process of designation
  that will have the authority over your assets and
  handle your responsibilities after your death or
  incapacitation. Estate Planning will also provide
  your beneficiaries to receive these things in the
  most cost-effective way possible. The key
  question to ask yourself while Estate Planning is
  How do you want to distribute your assets and
  among whom when you die or become incapacitated?

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• Estate Planning sure is very crucial for
  everyone, irrespective of the fact that they are
  rich or not. This secures your familys future
  and enables them with the authority to make
  important decisions even when you are disabled or
  not around.
• 12 steps to the basics of Estate Planning
• Make a will Take a professionals help and make
  a will. In a will you state how you want to
  distribute your property. Also, assign a guardian
  for your young children in case anything happens
  to you or the other parent.
• Consider Trust services Trust services provide
  solutions to your various problems linked with
  wealth management or child management.

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• Health care directives are your best friend in
  case of medical incapacitation. It is like a
  living will, you provide a power of attorney to a
  person who can take decisions in your place if
  you are medically not-in-condition to do so.
• Assign a financial power of attorney A financial
  power of attorney, also called agent or
  attorney-in-fact is a person who you assign the
  power to handle your finances if you become
  disabled in such a sense in which you are no
  longer able to take any such decisions.
• Secure your childrens property Assign an adult
  person as guardian to manage the money until your
  minor child becomes of age to inherit your
  property. You can choose any person you trust as
  a guardian.

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• Fill beneficiary forms Filing beneficiary forms
  make your bank accounts and retirement plans
  payable on death automatically and allow the
  funds to skip the probate process.
• Life insurance is also considerable Whether you
  own a house or property or any other asset,
  having life insurance can protect your family
  after your death. Gain knowledge about the Estate
  taxes in your country or states as it may vary
  according to the region.
• Funeral expense coverage is important Make your
  accounts in banks and deposit funds as
  payable-at-death to pay for your funeral and
  related expenses.
• Make your final arrangements Make your
  end-of-life wishes known to your family and
  relatives related to organ donation or
  disposition of your body.

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• Protect your business If you own a business and
  you are the sole owner you should consider a
  Succession Plan. If you have other partners you
  must have a Buyout Agreement.
• Carefully store your documents Documents such as
  your will, trusts, insurance plans, etc. are
  sensitive documents that should be protected and
  stored ina secure places like a vault or bank
  locker.
• Estate planning as discussed above through these
  12 points sure is very important for all. If you
  want to protect your family even after your death
  or incapacitation you must consider Estate
  Planning. There are a lot of good Estate Planning
  companies like the Nexgen Estate Planning
  Solutions Pvt. Ltd. Nexgen provides a verity of
  top-notch Estate Planning services and is one of
  the leading companies in India and a subsidiary
  of the global education board, AAFM.