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With software prices getting lower every day, you can find a good program for less than $50 at most stores where software is sold.
What Do I Need Besides a Will?
Assuming that you are over 21, you will need a health care proxy and a durable power of attorney. Find these forms in your planning software, or ask your lawyer.
They will save you a lot of time in case of an emergency medical situation. These documents shouldn't need to be updated unless something drastic happens, such as the person that you chose to have power of attorney passes away, but you should review your will every few years. Laws governing can change frequently.
Make sure to update your will any time there is a marriage, divorce, death of a spouse, birth or adoption of children, or a move to another state. Make sure the changes are made to your will as soon as possible.
For example, you wouldn't want a child deprived of his or her inheritance, or your ex-spouse to gain control of your estate. These examples should help you see why proper planning is so important!
Try to be disciplined and not allow more than a month to go by after important events before you update your will as needed.
What Else Is Involved in Estate Planning?
When handling your planning, you want to be sure not to miss any steps. Whether you use software or have an attorney handle the necessary documents, you'll want to take great care to make sure that all the proprieties are observed.
Make sure that your will is witnessed by the correct number of people. Also, none of your witnesses should be your beneficiaries. Ascertain that you have a named executor, and that this person is willing and able to handle your estate when needed.
Some of the planning choices that you'll need to make will be personal, such as guardianships for your children, and some will be pure business, such as how to handle your stake in your family's company.
When it comes to estate planning, each and every decision is important to your loved ones' futures. Don't allow your distaste at the subject of planning to keep you from handling this task as soon as possible. If you've never done any planning like this, start today.
If you've had all of your pertinent finished for years, have it reviewed. It's just too vital to be put off another day. Think of your family and get going!
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