We get it: Nobody wants to contemplate his or her own mortality.
Estate planning is going to hurt, at least a little bit—right? The notion of planning for one’s death is not exactly a walk in the park. But CNN says that is doesn’t have to hurt. In a recent online CNN Money article, “10 steps to painless estate planning,” they highlight 10 ways to ease the estate planning pain.
The article recommends taking an inventory and picking your team. If you think about it that way, you have several roster spots you need to fill: beneficiaries, guardians, executors for your will, as well as attorneys-in-fact to make your important business decisions if you become incapacitated. While you are at it, don’t forget to appoint someone to follow through on your healthcare directive.
Okay, one of these positions on your team is easy: a beneficiary simply takes ownership of a bequest designated to him or her in your will.
The other team members will have to do some heavy lifting. As a result, you will want to discuss the intended role with those whom you select. Better to find out now whether they will be able and willing to accept when needed. Terminating life support or taking responsibility for your children are big responsibilities. Have the conversation and then speak to your estate planning attorney to get all of your paperwork in order.
Reference: CNN Money, March 3, 2014: “10 steps to painless estate planning”
