Estate Planning Considerations
One Part of Planning for the Services Involves the Estate, so here are Some Important Considerations
If you or someone you know is considering planning for cremation services in Des Moines, IA , it can also be beneficial to have a state planning scheduled simultaneously. This is even more true if there are a large number of assets because it can help bring some clarity as to what the individual wants done with their items. This can be a confusing process to try to navigate if you’ve never been through it before, so we have created this helpful guide with an outline of some considerations to make the process easier.
Hire a Professional Team
One of the first recommendations is to have a team of professionals that can help you not only get organized but assist in creating legally binding documents for the process. Investing in a financial advisor and an estate planning lawyer is crucial because individuals specialize in these fields to help make sure any documents are created or legally binding.
Create a List of Assets
You will need to create a list of assets, including properties, vehicles, and everything else, from power tools to television sets. Anything you will be gifted to another individual needs to have their name associated with it, and it is recommended to do this while you’re creating your list to save time.
Include any Debts
Debts are another essential consideration, so create a list of any outstanding balances due. Having an itemized summary can help alleviate some issues for friends and family, and a few debts to consider are:
- Credit cards
- Personal loans
- Mortgages
- Leases
- Money owed to family or friends
Choose an Executor
You also need to pick an executor for the estate. This individual needs to be someone trustworthy and can make sound decisions even in the middle of loss, so the funds are distributed per what the documentation says.
Have a List of Wishes
The estate plan should also have a list of any remaining wishes regarding the dependents or assets; without this, it could go to probate, meaning a judge will make those decisions. Consider creating items such as:
- The living will
- Last will and testament
- Power of attorney
Create Trusts
Trusts are another option to include in the process, and a legal container can hold money for any beneficiaries. They let you pick weights to be put into it, who gets it, and how it’s distributed.
Update Beneficiaries
The last recommendation is to ensure any beneficiaries’ information is current and up to date. This is essential because, without the proper documentation, it may cause issues when the time comes to distribute the assets.
Your Trusted Source for Quality Care and Services
Estate planning is just one part of being prepared and helping loved ones with the process. When you are looking for expert cremation services in Des Moines, IA, let us help you through the process. We are a locally owned company offering exceptional and trusted services based on compassionate care, so contact us today.
The post Estate Planning Considerations first appeared on Celebrate Life Iowa.
The post Estate Planning Considerations appeared first on Celebrate Life Iowa.
