A durable power of attorney entrusts an individual to act on your behalf and manage your financial affairs for you, should any accident or illness incapacitate you. If you fail to draw up a power of attorney, your family members may have to resort to expensive and complicated court proceedings to appoint a conservator to deal with your affairs.
Appraise your Plan Annually
It is advisable to keep your estate plan up to date and go through it, at least once a year. A good time to look at your plan is when you file your taxes. Evaluate your current net worth and revise your plan, accordingly. It may be necessary to amend the plan, if there is a new addition to the family or if you have acquired or disposed of a property.
Construct a Living Will
Putting together a living will is a part of estate planning. Another name for a living will is an advance health-care directive. The purpose of this document is to articulate your wishes to your family members and health care professionals.
If you are unable to state your desires regarding a treatment procedure because of a medical condition, your family members and health care providers may follow the directives stated in the living will. It is sensible to discuss the contents of a living will with close family members to avoid any kind of confusion.
Get an idea of your assets
You must be aware of what assets you have in your name. For this it is necessary for you to be aware of your assets, investments, savings, insurance policies and investments in real estates. From this you get an idea of your total net worth, which is very helpful in taking a decision to allocate it.
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