Estate Planning – Plan For What To Do Before You Can’t Plan Anymore

“You can’t take it with you.”  Most of us have heard that quote at some point, usually when someone is encouraging us to spend money we may not want to spend.  But it is true.  We should make some kind of arrangement as to what happens to our money and our stuff when we die.The best way I know how to prepare is to put those close to you through the process while you are still here.  What do I mean?  Glad you asked.  Who in your family, or anyone close to you, really knows what to expect when you die.  Tell them. Don’t rely on your will for everything.  A will is read after your funeral.  What if you wanted to be cremated and didn’t tell anyone, but put it in your will?  Can you imagine digging you up to be cremated.  Everybody would be traumatized except maybe the funeral home owner.

Of course make out a will.  Depending on your relationship with family and those close to you, you may want to discuss it before or as you make it out.  Be as specific as possible to avoid any confusion and bad feelings when the will is read.  But also let your wishes be known. Do you want to be cremated, buried in a cemetery or buried at sea?  What kind of service do you want?  What do you want in your obituary?  Do you have any great pearls of wisdom that you want to be read?  Is there anything you don’t want found or revealed?  Get rid of it now.

Consider a living will.  Who will make decisions for you when you are no longer able?  Designate that person now when you are fully capable. A springing power of attorney will allow someone you trust to make decisions for you when you are deemed no longer able. Do you want efforts made to keep you alive at all costs, or will you give permission to “pull the plug.”  Put everything in writing now.  No telling what will happen tomorrow.

Do you think you need a trust which will let you have a say in how your money is dispersed after you are dead?  Perhaps you have a spendthrift child who would do better with an allowance from a trust rather than receiving a lump sum of cash.  Or maybe you want to hold money until your child has reached some milestone – attaining a certain age or graduating from college.  A trust will give you that control.

Be aware that some assets will pass outside of a will and consequently outside of probate.  Your retirement funds should have a beneficiary.  Is the beneficiary current and does the beneficiary know she/he is the beneficiary?  Is your home, car and any other property title jointly so that it passes with a minimum of bureaucracy?  Do you own real estate other than your home?  Is the property in another state? How is it titled?