No matter how young or healthy you are, it is a good idea to start creating your end-of-life plan. Life can be very unpredictable, and you can never tell when you might be in a serious accident or have significant health problems. Deciding now what you want to be done later on can save you or your loved ones a lot of future heartache and difficulties.
How Your Estate Plan is Structured
Contrary to what you might think, an estate plan is not solely consisted of a will. It has four other major elements that are just as important as the will itself.
When you pass away, you want your estate plan to be as detailed and complete as possible to make things clear and easy for your loved ones. To make this happen, you must start creating this estate plan early on with the help of professionals.
How You Want to Be Remembered
When people pass away, their families typically hold celebrations of life for them. These may include funerals or memorials. While funerals are generally held with a casket, memorial services aren’t.
Oftentimes, this is the last memory that those still living have of their loved ones who have passed on. Therefore, your end-of-life celebration will have a great impact on how you are remembered. You can plan out if you would like a funeral or memorial, different music you would like played or sung at the service, and who you might like to speak.
How Your Pets Will be Taken Care of
Besides leaving behind family members and friends, you also might leave behind beloved pets. Your pets are likely very important to you because they have such a strong connection with you and have been your constant companion. One way you can ensure care for your pet is by setting up a pet trust. This money will be set aside specifically for your pet and can continue paying for their medical and grooming needs throughout the years.
An end-of-life plan should be created especially if you have any dependents or loved ones you will be leaving behind. Creating this plan can ensure that your belongings and relationships with them will be taken care of after your death. You don’t have to think of an end-of-life plan as a sad thing; you can instead think of it as a helpful and practical measure.
Did you enjoy reading this article? Here’s more to read: What You Can Do About Crushing Debt Before Retirement
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