February is the month of love! Valentine’s Day includes thinking about the people in your life that mean the world to you. It’s hard to think about your own passing, but you want to make sure your loved ones are taken care of after you’re gone.
One of the best gifts you can give your loved ones is the peace of mind that they will be taken care of if you pass away or become incapacitated. An estate plan will do just that.
Creating an Estate Plan
The steps to creating an estate plan can be made simple with the help of an experienced professional. Here are some aspects of a comprehensive estate plan:
- More Than a Will: If you have a will, you may wonder why you need an estate plan. Estate planning covers more complex issues. A comprehensive plan will include a trust, which allows you to avoid probate.
- Listing All Assets: Make a full list of your properties, businesses, and financial assets.
- Naming Beneficiaries with Letter of Intent: Include a list of beneficiaries in your estate plan with reasons why you chose them. Your family members will not be able to argue about beneficiaries when you include your intentionality for each one.
- Funeral Plans: Would you like to be buried or cremated? Or perhaps you have other special requests. Write down these details in your estate plan.
- Appointing Guardians: If you have children under 18, your estate plan can include your wishes for their guardians.
- Financial Power of Attorney and Medical Power of Attorney: Think about who you would want to make financial and medical decisions on your behalf if you were unable to.
- Tax Planning: Use estate planning to prepare for taxes on your properties or inheritance taxes.
Share the Plan with Your Loved One
Sitting your significant other down to discuss what would happen if you were to pass away may seem like the least romantic gift. But getting your estate plan done is one of the most loving gifts you can give to someone.
Having an intentional conversation about what will happen upon your passing will ensure that your loved ones feel protected knowing you’ve planned for the unexpected. What better gift for Valentine’s Day than the gift of security? Now is the time to get your estate plan finalized. Shoup Legal is here to help. Contact us at (951) 445-4114 or email info@shouplegal.com to get started.
