Estate Planning Issues That Need Consideration

Aside from taxes, you need a quality,up-to-date estate plan for a whole host of reasons, regardless of your estate’svalue.  Here are seven significant issueseveryone should address: 

1. CoverMedical care.  Define exactly how yourmedical needs should be addressed with a medical power of attorney.  Also, consider a living will and a do-not-resuscitateorder.  Also cover the financial aspectsof your medical care, whether it be through buying long-term insurance,Medicaid, or income. 
2. Avoidfamily disputes.  Clearly state how youwant your estate divided and handled.
3. Avoidprobate.  If your state’s probate processis unattractive, consider using a living trust, LLC, or other tools.
4. Updatebeneficiary forms.  Ensure current IRAs,annuities, and life insurance policies reflect your current wishes.
5. Thinkof others.  If you anticipate having tohelp a loved one, develop a plan now.
6. Considera money manager.  Develop a plan forasset management if you don’t think the beneficiary of your investmentportfolio is capable of management.
7. Planfor succession.  If you own a business orother complicated asset, plan the transition of management and ownership. 

SeeBob Carson, Your Estate Planning Agenda,Investing Daily, Aug. 7, 2013.