It is never a fun discussion to take care of the financial and practical steps when a loved one passes on. Often, coping with the loss of a partner or a relative can be harsh on its own. Therefore, one of the best things to do is plan the estate in advance. Here are some of the financial steps you can take to help your family.
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Having An Estate Plan In Place
When dealing with later life planning, it is essential to know how you wish for your financial affairs to be handled. This way, your family will deal with fewer burdens as they have a plan to act off. While it is often a lower priority after losing someone dear, it is important. Without a plan, there is a risk that your family won’t receive anything from you. Therefore, some families choose to contact a Dublin, Ohio Estate Planning Attorney to help them through this process.
With the help of an estate planning attorney, you can receive guidance from competent professionals for different types of services like trusts, estate tax planning and asset protection. By working out an extensive plan, your family will be in good hands.
Gather Financial Documents In One Place
According to a survey by Gallup, a majority of Americans rate their personal finances as poor or only fair. Due to the survey showing that many Americans are disorganized regarding their finances, this can also affect the rest of the family. Besides reviewing your financial documents once in a while, having financial documents handled and organized in one place for your family can be a big help.
These can be financial documents like bank statements, mortgage and loan statements and insurance policies. Gathering the financial documents also includes closing down financial accounts that will no longer be of use.
Creating A Will For The Family
A will is a document that describes what should happen to your possessions when you pass on. It is a legal document which makes it easier for your family to take care of your estate afterward. If the family doesn’t receive a will, your possessions will be distributed to your family depending on the law. In this case, the estate might go to family members to whom you don’t intend to leave your possessions. Therefore, having a will can save a lot of time, so getting an expert opinion can avoid unanswered questions and confusion.
Settling Any Debts
It can be difficult to pay off debts. However, settling debts is also a huge help for your family. Usually, debts are paid off by the state. This can include credit card debts. However, in some cases, there might not be enough money in the estate to pay off credit cards or other types of debt. Therefore, your family members might be the ones to pay off any remaining debts like a mortgage. Furthermore, if one of the family members is a co-signer of the loan, they are responsible for paying off the debt.
Plan The Final Arrangements
With a death comes a funeral. Today, it is possible to completely plan your funeral from the cemetery to the colors of the flowers. While this can be a complex topic, there are experts to help through the steps. By having a funeral plan, you can decide everything about your funeral, as well as pay for it in advance. You can choose to pay off funeral costs in a lump sum or monthly installments.
For some, this can offer peace of mind, as they know everything is taken care of. The topic of funerals can be an uncomfortable discussion. However, it will benefit your loved ones in the long run and is the final big show of love.