When you decide to start planning your estate, you might feel overwhelmed about choosing a good strategy. Developing a well-rounded plan will take time and require consistent effort over the years.
Taking a complete assessment of your lifestyle and goals is an excellent place to begin. As your life progresses, you might need to adjust your strategy or change parts of your plan completely.
Dependents
Children can play a big role in your decisions regarding the future. When you have dependents, your plans should account for their well-being and needs. Some examples of factors you might consider include the following:
- Funding your children’s education
- Providing for your children’s medical needs
- Naming a guardian for emergency situations
- Giving instructions for special needs children
When selecting a guardian for your children, select someone who has similar beliefs and parenting style. The person you choose might not have a blood relation to you. The most important thing is to find someone who cares deeply for your children and sees how important they are to you.
End-of-life wishes
Another aspect of estate planning that can influence the strategy you choose is your end-of-life wishes. For example, what emergency protocols do you wish to receive? Are life-saving measures important to you? CNN also suggests naming a health care proxy to act in your behalf if you ever suffered incapacitation. Similarly, you might want to name a power of attorney who can oversee your finances in a similar situation.
Carefully record your goals for your life. Determine what you wish to happen with your assets. Looking at your life from all different angles and working with your legal team can help you identify a strategy that will support your lifestyle throughout the years.
