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Eight Extremely Smart Estate Planning Steps: Part 1

January 28, 2016

Filed under: Estate Planning — Neel Shah @ 9:15 am

There are simply no excuses for avoiding the estate planning process, but knowing what steps you need to follow can be extremely helpful for getting over your concerns about conducting it. Read on to learn more about some of the most popular steps you should always take when thinking about your estate planning. shutterstock_307039916

Put Together a Will

Passing away without a will leaves it all up to the courts to determine what happens to your property. This can be confusing and the source of many delays for your loved ones, so it is better to put together a will sooner rather than later.

Factor in Life Insurance

Basic needs from your life insurance policy can be paid for if something were to happen to you. You can also plan ahead to help pay for a mortgage as well as special expenses like a college education.

Think About Your End of Life Documents

There are many different documents that you can use for the end of life planning process. These include advance directives, a durable power of attorney, and a release of information form. All or a combination of these forms can be helpful for you.

Avoid Probate

To the best extent that you can, it is always in your best interest to pass as much of your estate outside of probate is possible. Although the probate process is not extremely complicated it can be filled with many delays that tie up your estate and generate thousands of dollars in legal costs and other expenses. Few individuals want this for their beneficiary so it can be a good idea to avoid this by planning ahead from the start.

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