Planning your final moments on this planet is not the most cheery of topics.
In fact, it’s something most of us would rather not think about. However, making sure you’ve made all arrangements for your passing is very important.
Below we cover some of the steps you should go over with your lawyer to make sure everything is in order for your final arrangements.
Writing up a will
Writing up a will is a vital step most of us are aware of – but also one many of us fail to consider.
Writing up a will is a very important part of passing on. Failure to do so can lead to a court making decisions about the things you hold dear to you.
Making a will is fairly simple. You can get your lawyer to draft one up for around $300. Including the terms of your estate can cost a few thousand.
This is a worthwhile cost given the consequences of leaving it to the legal system, which can make the probate process even longer.
Make sure to notify your lawyer of changes to major circumstances, or you may find you’ve created more problems for you family.
Life Insurance and Provisions
Life insurance is a fundamental part of your final arrangements because it covers expenses that your family would otherwise have to pay.
Of course, if you have enough money saved up this is isn’t necessary.
You can talk through how much life insurance you’ll need with your lawyer.
This will involve estimating the price of paying off debts and other costs (such as education for your children).
Having considered the above, the rest of the income they’ll need will be determined by how much they require annually and for how long.
Final Arrangements Estate Planning
Passing on ownership of your assets is the reason why planning your estate is so important.
Probate is the process by which this occurs.
If possible, you should outline as much as possible in you will – where you want everything to go and who should have it.
This can be a simple process involving filling out a few forms. It can also take much longer (and be more expensive) if not considered beforehand.
It is also worth mentioning that some property is ineligible for probate. These are usually assets considered too cheap to account for.
If you value privacy, sort your affairs in time with your lawyer so you can avoid the process entirely.
One way to avoid probate is to set the ownership of your property in a trust.
This allows anything in your name to go straight to your inheritors when you pass.
This is a meticulous process – but it can save you a lot of hassle.
Funeral and Burial
It was once the case where your funeral was looked at as purely a day of mourning.
Now, many of us would rather our families celebrate our life as part of our departure. Arranging how you would like to end your final chapter can be the most exciting part of the whole process.
It is possible to an exciting send-off that captures your passions and best moments.
Discuss with your lawyer what you would like this day to be like. Many modern funerals do not even take place at a funeral home.
More importantly, share this with family members too, otherwise, they may not get the information in time to plan ahead.
It’s also important to decide where you would like to rest – or perhaps if you would like to be cremated.
Costs differ between these two approaches. The former will include payment for the casket, whilst the latter will require authorisation of the cremation by next of kin.
Discussing your final arrangements is a necessary part of life – and can be made a lot easier for your family by following these simple steps! Importantly, you need a competent estate planning lawyer to guide you all the way.