Estate Planning?

6 Step Estate Plan For You And Your Parents

Edited by Michael Huguelet

Step 1 – Make A Record Of Your Emergency Information

Keeping your important information organized and accessible is essential for moments of crisis. Documenting digital assets, bank accounts, storage rentals, contacts to legal/financial representatives can be a lifesaver during difficult times – removing extra stressors from the shoulders of those you love when they need it most. Quick decisions are made easier with this small effort now!

Step 2 – Consult With An Attorney To Get Advice On Whether You A Need Will Or A Trust

Secure the peace of mind you deserve by consulting an experienced attorney for advice on how to ensure your wishes are correctly documented. With their help, create a will or trust that leaves nothing open to interpretation so there won’t be any surprises in the future regarding what it is supposed to convey.

Step 3 –  Appoint a Reliable Durable Power of Attorney

Ensure that your affairs will be managed as intended by appointing a reliable, durable Power of Attorney. Make sure to provide detailed instructions for any necessary decisions and access information – from safe deposit boxes to online account passwords so decision-making authority can easily pass in the event you’re incapacitated and unable to make such choices on your own. Acting proactively now avoids potential court interventions later if an unforeseen circumstance occurs!

Step 4 – Draw Up An Advance Medical Directive

An advance medical directive is a responsible way to ensure your wishes for end-of-life decisions are honored, removing the burden from family members. Create this document now and give yourself peace of mind in knowing that it will be respected.

Step 5 – Have An Open Dialogue With Your Parents About Their Financial Affairs

Having an open dialogue with your parents about finances is crucial, particularly as they age. By having this conversation sooner rather than later, you can ensure that their wishes are respected and taken care of during times of illness or disability – thereby avoiding unexpected surprises down the line.

Step 6 – Let Your Children Know About Your Financial Plans

Pass along your financial wisdom to the next generation. Let them know you’ve been wise with money and help them gain an understanding of how they can do it too. Invest in their future by teaching responsible fiscal habits now!

In Conclusion

Taking the time to organize your affairs is not merely preparing for death, but rather a way of preserving your vision and ensuring that it will be carried out in accordance with what you have set forth. It’s an integral part of securing one’s financial future while creating a lasting legacy—one final act before embarking on life’s next adventure.

About the author

Michael Huguelet

Coming from, and continuing in, a large family, Mike fully appreciates his clients’ desire to protect their hard earned legacies after they are gone, while at the same time, providing protection for their legacies during the rest of their lives, taking into account the issues of aging, health care and wealth management.

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