Many people put off estate planning because they have no idea where to start. While estate plans can be complex, they can also be simple and having even a basic one in place is far better than having none at all.
Here are three questions that can help you make a start on yours:
What would I like to happen if I get severely ill?
What if your find yourself confined to a hospital bed in a critical condition due to an unexpected disease or a nasty accident? Would you want to be kept alive on a life support system? Would you wish they had let you die at the scene of the accident instead of resuscitating you?
You can make those wishes clear in an advanced health care directive. You can also put powers of attorney in place to ensure someone can act and make decisions if you cannot.
How will I fund my retirement?
You probably do not want to work forever, so understanding how to put money aside is crucial. Doing it in the wrong way could see it eaten up by any medical bills you incur.
What would I like to happen when I die?
Who do you want to receive the things you own? Who would you like to take care of your children if you die before they turn 18? You should make your wishes clear and must also appoint someone to take charge and execute your estate. You can also set out how you would like your funeral to be.
Finding out more about estate planning can help you put a plan in place sooner rather than later.