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You don’t have to be old and rich to do some real estate planning.
In fact, regardless of age or wealth, experts say who and what if virtually everyone wants to distribute their assets at the time of death and cannot make those decisions later in life. He says he needs to consider whether to make a decision.
Arranging your property and health care instructions for yourself, and more importantly for your loved ones, can prevent a lot of emotional pain and future suffering.
Sheryl Garrett, Certified Financial Planner and Founder of the Garrett Planning Network in Eureka Springs, Arkansas, said: “It contains relatively simple documents, but I saw some horror stories when people didn’t deal with the situation properly.”
Garrett elaborated on some of the key asset planning issues to consider early rather than later.
A details how you want your assets to be distributed after you die. You can download this document and many other templates for free from websites such as LawDepot.com.
“Will is a simple slam dunk for most people,” Garrett said.
In the form, if your first choice cannot play that role, you need to appoint an executor of your property and an alternative executor. Details are needed on who will receive which property and whether there are any conditions that the beneficiary must meet before receiving the inheritance, such as when a minor first reaches a certain age.
“The most important thing is to appoint a guardian if you have dependent children,” Garrett explained. “It’s easiest to have one executor and a dependent guardian, but that doesn’t always make sense.
“It may be better for one person to take care of their dependents and another to manage the resources to take care of them.”
A common misunderstanding of many married people is that without will, all assets and investments go to their spouse. That’s often not the case, Garrett said.
“State law often stipulates that if there is no will, the state will provide it, and in many cases the assets will be evenly divided among all heirs,” she explained. “If you want to go all your property to your spouse or children, other heirs may challenge that wish if you don’t have the will.”
One cheap and easy alternative to enforcing a will in court is to set up a beneficiary designation for a particular asset. You can do it with anything from bank accounts to investment accounts, immovables, real estate.
It removes those assets from the property and reduces the cost of settling the property in court. “Most middle-class Americans can cover almost all values with a beneficiary designation,” Garrett said. “It’s cheaper and makes things easier.”
If you can’t do that, it’s important to choose someone to make health care decisions for you. The medical adult guardianship system allows someone to empower others to make those decisions on their behalf. Anyone can choose, but be sure to trust them deeply.
The power of lawyers’ health care also allows you to elaborate on health care and medical care that you may not want under different circumstances. Your healthcare provider must follow those wishes.
“Most people want to control these decisions themselves, rather than leave them to their loved ones,” Garrett said. “Show your favor and fill it out yourself using a relatively simple form.
“If you change your mind later, you can update it.”
It is important that your healthcare provider and your doctor have a signed copy of the adult guardianship document.
Like the power of lawyers’ healthcare, living wills provide life-saving treatment directions that you may or may not want under a variety of circumstances. Your healthcare agent is responsible for ensuring that your wishes are being followed.
A “not resuscitated” or DNR order is a separate document that is part of a living will that describes conditions for which lifesaving treatment is not desired.
It is important to recognize that medical institutions often require people to fill out their own internal forms regarding medical directives. Also, if you are admitted to the emergency room of a hospital, theoretically allow your medical institution to be present so that their authority is immediately recognized.
“In my opinion, healthcare [powers of attorney] Living wills are the most important thing to work on as they start while you are alive. “The rest is true when you die,” said Garrett, who lost her spouse six months ago.
Real estate plans don’t have to be expensive.In fact, you can download other documents like Basic Will and Lawyer Healthcare Power for free on the website lawdepot.com.. The form does not need to be notarized, it is only signed by the creator of the will and one or more witnesses, depending on state law.
Online sites like Quicken and Legal Zoom also provide templates for real estate planning documents and guidance for filling them out. Usually less than $ 100.
Garrett says it’s okay to take the “do it yourself” route, but it’s a good idea to finally consult a lawyer, especially if you have a large amount of assets and a small number of beneficiaries. To do.
Lawyers cost you everywhere from $ 100 to $ 400 per hour. A simple will should not take more than a few hours to draft. Complex wills should take a few more hours.