Winter, along with festivities, offers families time for quiet togetherness, which can be well used to make or update estate plans and communicate about them too. Though doing so may feel difficult, having the basics of an estate plan in place, designating the fiduciaries who will carry it out, and communicating intentions is a very important gift.
Putting Your Affairs In Order
A great way to start (or update) plans for whatever the future may hold is to ensure you have the support you need while you are still alive, via a power of attorney, healthcare power of attorney and advance directive. Executing a power of attorney enables you to designate someone you trust to officially take over your financial matters should you experience a capacity decline. Similarly, it’s important to make your healthcare wishes explicitly understood and authorize someone to carry them out.
After putting plans in place to manage money and healthcare needs during your lifetime, it’s a good idea to turn your attention to designating assets for those you love. You can do this by creating a will and appointing an executor. Establishing a trust can also be helpful if you are interested in:
- Avoiding the probate process, which is long and expensive in some states
- Planning for long-term care needs
- Restricting access to an inheritance; for example, you may not want your children to inherit money outright until they reach a certain age
- Providing for a family member with special needs
As your estate plan takes shape, don’t forget to name, or update the beneficiaries on accounts, such as retirement and insurance accounts. Keep in mind that those assets will go directly to the beneficiaries named on them, so updating them as families grow and change over the years is key to avoiding misunderstandings later. Communicating your intentions and making sure your designated fiduciaries, such as your executor and trustee have all the information needed to carry out the plans are also essential. You’ll find these practical tips for estate planning helpful as you work to put your affairs in order. Finally, keep in mind that fiduciary bonds (sometimes called estate bonds), are an important way to protect your estate and its beneficiaries.
Estate Law Practice?
With clients counting on you, don’t waste time tracking down estate and fiduciary bonds. With a few clicks on The Partnership Account® for Attorneys you can just select the bond needed, send it to your client for payment, and then download, e-file or print the bond.
Our fiduciary bonds include: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Court bonds include: appeal, supersedeas, injunction, replevin, receiver and more.
Speedy, easy court and fiduciary bonds are right here:
Colonial Surety is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA. Our customers have awarded us a 4.8 Trustpilot score.Whenever and wherever you need a bond, trust Colonial: www.colonialsurety.com