Creating A Stress Free Estate Plan

While it is easy to assume that estate planning primarily deals with one’s future needs, an estate plan can eliminate one issue that is in the present: stress and worry.  Although everyone is different, there are a number of basic elements that go into creating a stress free estate plan:

1. Determine who will manage your affairs if you become disabled, incapacitated, or pass away.
2. Plan your estate if you enter a nursing home or receive significant long-term healthcare.
3. Protect children from your prior marriage in case you pass away before your present spouse.
4. Protect assets inherited by your heirs from lawsuits, divorces, and other claims.
5. Provide for children or grandchildren with special needs.
6. Address the different needs of your children.
7. Prevent challenges to your estate plan.
8. Plan an estate plan for blended families to ensure all children are provided for.

See Mark Eghrari, 11 Fundamental Elements of a Stress-Free Estate Plan, Forbes, Dec. 9, 2014.