3 Estate Planning Tips You Need To Know

December 28, 2017 2:38 pm Published by

Financial planning serves as a good guide for the growth and maintenance of your assets in pursuit of your financial goals throughout your lifetime, but what happens to your assets and your dependents after you die, or in the event you become unable to make decisions? An estate plan, as a component of a financial plan, will provide peace of mind and assure that your wishes are carried out.

There are 3 estate planning tips you need to know to determine what happens to your assets and dependents if you die or become incapacitated:

1. Control what happens to your assets and your dependents 

You can do that through a document called a “last will & testament.” Your financial planner can help you with this. A certified financial expert like Tranel has expertise in helping to guide financial decisions for wills, and can also provide access to estate law specialists who assure your will is executed exactly as you would wish.

A Tranel Financial advisor writing estate planning tips on laptop.
Estate planning tips - signing an estate plan.

2. Make sure your dependents have the resources they need

Arrange this through a life insurance policy. Unless you are very wealthy and your loved ones will have access to the money they will need, get a life insurance policy. Determine who you want to benefit from it (your policy’s listed “beneficiaries”).

A good financial planner understands your finances, including what you want for the people your provide for. Tranel has access to various policy models and insurance agents who can help you make proper life insurance arrangements for you and your dependents.

3. Make sure your dependents have clear direction for decision-making about your health in case you are incapacitated

Good estate planning tips are not all about what happens when you die. Some illnesses or accidents can leave you unable to make decisions. In such a case, instructions (aka “directives”) must be in writing.

Your financial planner can assist with three documents which, together, are called “healthcare directives”:

  • Power of Attorney, (aka "POA") - specifies who handles your money and legal affairs
  • Release of Information form- enables doctors to share your health information with someone you choose
  • Living Will - tells loved ones and doctors how to care for you if you are incapacitated or in a coma

These 3 estate planning tips lay the groundwork for assuring your wishes will be carried out in the event of your inability to see them through yourself. Tranel is resourced with the expertise you need to provide for your loved ones after you are gone. Call us today at (847) 680-9050 or use our Contact Form to connect with us.

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