The thought of preparing for what might happen to your estate after you pass away is something that can be difficult to face. When you have people in your life that you love, however, it’s a process that becomes necessary. It helps them, and you, to make sure your wishes are met.
But, how do you know where to start when it comes to getting your affairs in order? These are two important steps you can take.
Preparing a Will
The first consideration for most people when planning their estate is to make sure they have a will in place. The purpose of a will is to allow you to make gifts to loved ones and determine where you want your property and valuables to go in the event of your death.
Preparing a will gives you control over your estate. There are also certain other things you can do in a will such as appointing a guardian to look after your children and nominating an executor to oversee the administration of your estate.
Appointing a power of attorney
Having a power of attorney in place means that you appoint someone to act on your behalf if the time comes you no longer have the capacity to do so for yourself.
The scope of the power of attorney can be as wide, or limited, as you like and you can choose to appoint a person to handle your financial affairs, make medical decisions for you or both. While it may feel like something that is many years in the future, it’s a good idea to put someone in place as soon as you can in the event it becomes necessary sooner than you expect.
Putting an estate plan together is an important process to undertake and one that’s best supported by having the right people in place to assist.