It might seem as if estate plans are only necessary to preserve one’s legacy in Fayetteville. However, they can also be a source of invaluable guidance for a person’s family. People are living longer. Death is not the only event they must prepare their loved ones for. There is the possibility of them becoming ill or injured and so disabled that they can no longer manage their financial and medical affairs.
Without proper planning and estate plans, the consequences of unexpected life events can become a burden to one’s family members. Estate plans are necessary to help families avoid financial distress in the event of a family member’s untimely illness, disability or death, states CNBC.com. Here are some pointers to consider about estate plans.
Do not overlook health and financial concerns
It is important for people to anticipate potential health and medical concerns they may have as they near the end of their lives. Incorporating a health care power of attorney, financial power of attorney and advanced directives into one’s estate plans is essential to ensure their wishes and concerns are respected when they can no longer speak for themselves.
Provide guidance to loved ones
Serious illness and death of a loved one tend to bring out the worst in people. While they are struggling to deal with their emotions, they might argue and fight over funeral arrangements and their deceased relative’s final wishes. Properly structured estate plans provide instructions for surviving family members to follow and prevent the need for expensive and time-consuming disputes.
Estate plans should be updated regularly to ensure they are current. Anyone who does not want their death or a serious illness and medical condition to cause unnecessary emotional and financial hardship on their loved ones should take time to ensure their estate plans reflect wishes to protect them.