Piece of Mind
It may be surprising to find that well over 100 million Americans do not have any kind of definitive estate plan or if they do it is likely severely deficient in terms of completeness. As most already know, an estate plan is a critical and necessary tool for protecting a principle and his or her family at times of illness, injury or when a death is experienced. A well-organized and carefully designed plan can provide for an overall level of piece of mind that would otherwise not be possible. Here are just a few excellent tips for improved planning for times when the unexpected strikes.
Plan And Write A Will
While it may seem overly obvious, a will is one of the most essential components of a larger planning strategy that must always be considered. This single document alone can ensure that assets are distributed according to the wishes of the person's will. When there is the absence of a will the state will typically determine what will happen to assets and property. A will is also instrumental in naming a guardian for minors if both parents were to die or become incapacitated. This key document allows a principle to place assets in a trust or put specific restrictions or limitations on assets.
Beneficiary Designation Updates
Changes take place all the time in life and that is why updating information on various estate distribution documents is so important. When a marriage takes place or a divorce occurs or any other substantial life event transpires, consider making the necessary changes to retirement plans, life insurance polices and other key documents.
Choose Carefully With Regard To An Estate Executor
Making smart decisions in an attempt to best protect an estate or legacy can be as simple as choosing the right executor. This person will be tasked with distributing assets as per a will and will pay bills and debts as required. Typically, the oldest living child is chosen, but this can vary based on the complexity of an estate. Conversely, a CPA can fulfill the duties of a professional executor. These professionals are experienced in performing the various duties of an executor. They also provide a degree of impartiality when distributing estate assets.
Keep All Vital Documents In A Safe Place
Those wishing to estate plan wisely should always have an established list of documents. A list that is intended to inform others where vital documents and key assets are located can benefit all involved. The list of documents should be complete and include everything from marriage certificates to passports as well as birth certificates and other similar documents. In addition, various financial documents and records should be in a safe yet easy to access location. Excellent organization is probably the best way to keep an estate in order in the event of the unexpected.
Power Of Attorney And Living Will
Finally, when a principle becomes incapacitated it is vital to have a power of attorney ready and in waiting. In short, something known as a durable power of attorney will allow a trusted individual to pay bills and manage other affairs during a period of incapacitation. Equally important is a heath care directive or living will. This document conveys a principle’s wishes with regard to medical procedures that are or are not to be performed when incapacitation happens. It is always best to discuss these issues with family members long before it becomes an issue. This is just one more case where organization and planning can prevent confusion and provide real piece of mind for all involved.
Silver Rock Partners is a trusted and respected name in high-net-worth estate planning and foreign national insurance products. The company also provides viable solutions for the uninsurable. Silver Rock Partners is dedicated to exemplary client services and exclusive estate plans for the affluent and those with ultra-high-net-worth. Protecting a legacy requires the expertise of focused insurance advisers. Call Silver Rock today.