Two Important Points To Include In Your Estate Planning
Planning for the distribution of your earthly goods upon your departure is a very noble thing. While you are certainly concerned with who will receive your earthly goods, there may be a few things you haven't accounted for. It's important you ensure everything you've worked so hard to build is distributed appropriately. Use this information to learn more about what you need to include in your estate planning so your final wishes are honored.
Always Include A Power Of Attorney
One of the most important elements of good estate planning is including a valid power of attorney. This piece is so vital because if you become incapacitated at any point, the person you have assigned the power of attorney to can step in and make sure your wishes are executed properly.
If you have an illness, it's especially important for you to designate a power of attorney. Your power of attorney will have the ability to make a call concerning whether or not you should be resuscitated should you become comatose. You can relay your desires to your power of attorney, and they have the authority to give this information to the medical professionals.
In addition, your power of attorney can also ensure your final expenses are paid. This is a crucial component of estate planning because the last thing you want is for your wealth to be garnished in a lawsuit because you passed away without paying important debts.
Gifts Help To Keep Your Taxes Down
Another thing you want to make sure you include in your estate planning is gifts. Leaving gifts is so important because you may find a significant portion of your estate will have to go to taxes if you don't include gifts.
For example, under the law, you can leave a gift to a surviving spouse that is a US citizen an unlimited amount of money with no estate tax. This is the perfect way for you to ensure your departure does not hit your mate in the pocket. It is also a final way to show how much you love your beloved because even when you're not around, you want to make sure they don't have to struggle.
Planning your estate is an act of devotion that can help diminish some of the grief your loved ones feel once you are deceased. When you're planning your estate, use these tips so you will make the right decisions.