Things To Know About Making Your Final Arrangements
Making the final arrangements for a person can be an unpleasant but necessary task. If you are currently looking at steps for making your final arrangements, there are several estate planning steps that you should be following.
Understand That A Traditional Will Is Not The Only Option
It is a common assumption that a traditional will is the only way for a person to make their final arrangements. However, there are many other options that individuals can choose. In fact, there are other options that may be superior. For example, a traditional will requires individuals to go through the probate court system for the will to be finalized and executed. This can be a lengthy process that can be expensive if attorneys are needed. A living trust or estate can be another option that will allow individuals to avoid the need to go through the complicated probate courts.
Designate A Person To Oversee Your Estate
Once you pass away, it will fall on the executor of your estate plan to carry it out. When making this choice, you should choose someone that will be mature enough to handle the emotional strain that can come from your passing so that they will still be able to make reasonable decisions when executing the will or estate plan. In instances where you do not have someone like that that you trust, you may be able to designate your attorney as the executor of the plan. Your attorney may charge an upfront fee to oversee this process, but it can be well worth the investment if you lack an appropriate person for this task or if you are wanting to spare your loved ones from this unpleasant work.
Review Your Estate At The Start Of Every Year
It is a common mistake for people to make their final arrangements and to never update them. This can be a terrible mistake as your financial situation or relationship status may undergo major changes. It is important to regularly update this plan so that you can be sure that it reflects your current situation. To this end, you may want to review your will or estate plan at the start of each year. This will allow you to make any needed changes. For those that are concerned about the costs of updating this document, most attorneys will charge a much smaller fee for minor changes than they will for completely creating the will or estate plan. As a result, you should be able to do this work with minimal financial investment.