Estate planning is an important way that you can show your loved ones support after you pass away. While you might not want to think about this now, it is imperative that you take the time to do so. Your estate plan can provide them with a roadmap of what you want them to do when you aren’t there to give them directions.
One of the decisions that you have to make is who you are going to put in charge of your estate. This is someone that you should trust implicitly. They need to be able to make tough decisions under pressure. You might want to name your next of kin as the administrator, but think about what this means. This person will have to handle legal matters while they are still dealing with emotions over your passing.
There are many duties that come with this position. The person should be able to handle financial matters and follow instructions. If they don’t handle the duties properly, they might lead your loved ones to have to deal with the settling of your estate for a longer period. It could also cost them money, so it is imperative that they handle things in the appropriate manner.
Remember that you have different ways to pass along your assets to your loved ones. You can use the payable-on-death designations that are available on financial accounts. You might provide instructions in your will. You may establish a trust. Each of these has pros and cons, so be sure to consider the specifics and find out how they will impact your loved ones who are counting on you to have everything in order.