Although estate planning can seem like a bit of a scary topic, the truth is that we live in an uncertain world and any moment could end up being our last. As moms, we often have tendencies to push these kind of thoughts from our heads. Some may believe if we don’t talk about, it won’t happen. Unfortunately, this couldn’t be further from the truth. Continue reading to learn 6 things every mom needs to know about estate planning.
Your Children – Be sure to consider what would happen to your family if you or your spouse were to pass. Who would you want to watch over your children and what are your wishes for their future? Also, how would you plan to provide for them financially in the case of a death or illness?
End Of Life Wishes – This is the part where you decide when it’s okay for your family to “pull the plug.” Life-support questions are often some of the hardest to think about, but are very important. Don’t forget to also discuss funeral and burial arrangements with your loved ones so they know how you wish for that to go.
Your Stuff – Who do you plan on designating beneficiaries? How will your things be divided up should death occur? Will you be leaving a portion of your estate to charity or only family? Take all of this, including any kinds of debts you or your spouse may have, and consider how it may affect your surviving spouse or children.
Get Basics Covered – At the very minimum, you should have a will and life insurance policy. According to one study, 70% of Americans die without a will. You can create wills online for very little cost and have it outline your basic end-of-life wishes. You can also have it dictate both medical decisions and financial power of attorney.
Seek Professional Guidance – Those with investments and larger estates may want to consider a living trust to help your beneficiaries avoid time-consuming and expensive legal fees just to access their inheritance. Trusts are definitely more complicated, so please seek financial and legal advice to ensure you’re choosing the right option for your estate.
Consider The Paperwork – Consolidate your important documents and trust a friend or family member with instructions detailing how and where to access all of your paperwork and other important information. Upon your passing, your attorney and surviving family members may need to access files including your will, trust information, real estate deeds, bonds, annuities and more.
Estate planning can bring up so many different questions, which is why it’s usually a good idea to speak with a professional and let them handle the work for you. This will leave you at peace knowing everything will be taken care as it should in the event of an unexpected loss of life.