Estate planning is a true act of love for the people in your life that you care about. Putting it off is tempting, as it's not easy to come to terms with the thought of your own mortality, but planning now can be invaluable for the loved ones you have. With these tips, the planning process can start immediately.
Name Multiple Beneficiaries When Needed
You might already have life insurance policies or other funds that asked you to name beneficiaries when you signed up. You might not have taken that too seriously at the time, imagining that the person you named would be level-headed and fair if you passed away and they received a payout. For example, you might have written down the name of your eldest child, thinking they would divide the amount between them and their siblings. However, trouble can happen because one beneficiary can opt not to behave as you expect. Your eldest child might have money problems and decide to spend the money on their own. To protect everyone involved, be certain that you specifically name multiple individuals when necessary. Make a list of all documents that you'll need to amend, and be sure to fix each one.
In addition, it's important that you're vigilant about updating various policies and documents periodically to reflect changes if needed. For instance, you might no longer want your son-in-law listed as a beneficiary after their divorce from your daughter.
Have Difficult Conversations
Even when you've managed to convince yourself to finally begin planning, you may not have any interest in talking with children or your spouse about how you'll divide certain assets or how much money you want to give to various people or organizations. You might not want to argue or it's possible that you don't think they need to have the information now.
However, to be as fair as you can to them, it's a good idea to have as many difficult conversations as you need to. Even if loved ones are furious with your plans, they'll be able to face you and say what's on their mind. If you don't talk now, they might feel cheated or have questions that will forever go unanswered. Do your best to talk things through, even if you think their opinions won't affect your planning.
Because you don't know when you'll pass away, you don't know when the planning you've done will help the people you care about. Use the suggestions here to be confident that you're providing security and assistance for them in the future. Contact a professional in the field for additional help. To learn more, visit a website like http://www.lynnjackson.com.