3 End of Life Strategies That Will Serve Your Family Well

It is not necessarily fun to think about your mortality and the planning that goes along with it. But if you know anyone who has dealt with the financial, relational and emotional fallout as a result of a loved one who did not plan, then you understand its importance. Having the right things in place can provide for your family financially, give them peace of mind and eliminate the burden of trying to navigate probate and disagreements among family members. Here are three things you should put in place to make things easier on your family.

1. Life Insurance
One option for life insurance Altamonte Springs FL is a policy that will payout your beneficiary or beneficiaries upon death with no tax penalties. These policies are probably the easiest financial instrument that your loved ones will work through. It can also help with any immediate needs that have not been arranged such as funeral expenses.

2. Revocable Trust
The beauty of a revocable trust is three-fold. First, you can outline every detail in terms of assets, who is responsible for managing the trust, how much goes to whom and at what point. Second, trusts are protected. If one of your beneficiaries gets married or involved in litigation, trusts are almost impenetrable. Finally, it is revocable until you pass, at which point it becomes irrevocable, which means that you can make any changes to it you want while you're still living.

3. Various Powers of Attorney and Medical Wishes
Power of Attorney is not all encompassing. You will want to decide who you allow to make both financial and medical decisions on your behalf should you become incapacitated and the need arise. You can also outline your wishes in advance in terms of extraordinary life saving measures performed on you, which takes the very difficult decision out of you loved ones hands.

Making decisions and preparing now will not only give you peace of mind, but will also alleviate the burden from your family. Life insurance, trusts, and power of attorney are three important components of end-of-life planning.

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