Monday, September 7, 2015

The importance of estate planning

The lives of people who have been diagnosed with cancer are often turned completely inside out. This includes their finances -- savings can be depleted, jobs may be jeopardized and priorities may change. Given all of these changes, it is important to know what steps can be taken to secure your finances.
Financial and estate planning are important, however, many people prefer to avoid doing it. Although it’s often emotionally difficult, estate planning has benefits that bring peace of mind and a sense of security. Some of the benefits include: documenting your wishes regarding distribution of your assets; ensuring that you receive the level of medical care you want; reducing the burden of difficult decisions and tasks on loved ones; reducing taxes and government fees on your estate (probate).
Being prepared allows you to direct other decisions as well. For example, you can name a guardian and specify funeral arrangements. Planning your funeral preferences in advance will save unnecessary expense and anxiety at a difficult time in your loved one’s lives.
Estate planning is preparing and documenting a plan of how to distribute your property. This usually involves completing advance health care directives, naming a power of attorney, developing a will and establishing trusts.
Regardless of how much money you have, your health or your age, you need to have documentation that states exactly how to transfer your assets to the people you choose. If your wishes and intentions are not in writing, they can be challenged and perhaps never carried out as you want.