	How to Prepare for the Death of a Loved One
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What is Estate Planning?

Estate planning is when you sit down with a solicitor or lawyer and plan how you want your estate to be disposed of after you pass away. The main goal of estate planning is usually to plan how most of the estate can benefit those you want to leave it to without them losing any or much of it in paying taxes, or other costs. Other goals of estate planning may include provision for guardians for minors and providing for a time when you might become incapacitated through old age.

Various tools used in estate planning include your will, different types of trusts, gifting, designating powers of attorney and appointment and beneficiary designations. Powers of attorney include durable financial and durable medical power of attorney. A living Will is also part of estate planning; necessary so that you can make end-of-life decisions for yourself before you get to the stage of being unable to make them. This saves the family a lot of heartache and possible bad feeling in having to make certain decisions that may be difficult, such as turning off life support or resuscitating a person when there is no quality of life.

Correct estate planning will allow your beneficiaries to gain maximum benefit from your estate after your death without having to pay much of it away in tax. Estate planning mediation - where all the members of the family gather together for discussion - helps to prevent family conflict and possible litigation, especially when there are blended families to consider.

Estate planning is not only about how and where your assets should go after your death; it is also a means of protecting you and your assets should you be affected by dementia, stroke, accident or any other thing that takes away your ability to communicate your wishes, or even to make necessary decisions.

If you don't have much money or many assets, a simple Will may be enough to dispose of them. But if you have complex financial and business affairs and sizeable assets, then estate planning will certainly be necessary. Estate planning advice will help you to decide whether you need anything more complicated than an ordinary Will.

It is never too early to start on estate planning. Even though you may have many more years left, you don't know for sure. Being prepared is the key to good management and if you prepare for your family's future with good estate planning it will save them from even more heartache in the event of your untimely death.

Estate planning can be very complex and is best left to financial planners who have a wealth of experience.



Caregiver Articles Life After Caregiving How to Keep Caregiving From Ruining Family Relationships Caregiver Burnout Caregiver Stories Tags: 6 Steps to Creating a Will Avoiding Probate with a POD Account Being a Power of Attorney is Not Easy Benefits of Pre-Planned Funeral Can You Inherit Credit Card Debt? Checklist: What To Do When Someone Dies Common Types Of Trusts Depression Rates For Caregivers Difference between Medicare and Medicaid Does An Executor Get Paid Don't Die without a Will Durable Power of Attorney for Health Care Estate Planning for Beginners Financial Toll of Being a Caregiver General Power of Attorney Form How Many People Die Without a Will? How Often Should You Update Your Will How to Prepare for the Death of a Loved One If You Not Going to Help - Keep Quite! Last Will and Testament Form Make Your First Will Must Read for Siblings of Caregivers Sample Last Will and Testament Form The Probate Process Things Your Executor Will Need to Know What Are Video Wills What Does an Executor Do? What is a Holographic Will? When is Probate Necessary? Worst Excuses For Not Having A Will Estate Planning for Beginners: Powers of Attorney It is not uncommon for seniors to need help with the finer details of their finances as they age, or in rarer circumstances for someone who is injured or incapacitated to require an agent to make financial decisions for them. A Power Of Attorney is the document that gives your chosen agent permission to make choices on your behalf, as well as giving instructions as to how those choices should be made. Here are some of the most important things you should know about your Power of Attorney: ">Continued How Many People Die Without a Will? More than half of all adult Americans do not have a will. A 2007 survey indicated that 55% of Americans have yet to prepare a Will. Those figures have remained virtually unchanged since then. A Must Read for Siblings of Caregivers To all the siblings who mean well by offering advice on how things should be done - Don't give it unless you plan on rolling up your sleeves and putting your wonderful suggestion into action. What Are Some Common Types Of Trusts? Trusts come in a variety of forms and can be established in many different situations. The most common forms of trusts include: Asset Protection Trusts, Charitable Trusts, Implied Trusts, Living or Inter Vivos Trusts, Irrevocable Trust, Special Needs Trust, Spendthrift Trust, Tax By-Pass Trust, Testamentary Trust, and Totten Trust. ">Continued Avoiding Probate with a Payable on Death Account Among the ways to avoid the costs and inconveniences associated with probate include setting up a “payable on death” (POD) bank account. These are also known as “Totten Trusts” A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust arises when a bank account is titled in the form "[depositor], in trust for [beneficiary]".can be opened at most banks, brokerage houses, credit unions, and other financial institutions. General Power of Attorney Form Why Wait to Get Your Affairs in Order We all know that we are going to die someday. Why is it that nearly everyone over the age of 60 never bothers getting their affairs in order so their loved ones are not burdened with it when they die or become incapable of doing it themselves. Does An Executor Get Paid Usually yes. Someone who serves as Executor or Personal Representative of an estate is entitled to get paid for the job. An Executor is an individual or institution nominated in a will and appointed by a court to settle the estate of a deceased. ">Continued

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