What Is Estate Planning?

Couple meeting with an estate planner

What Is Estate Planning?

Estate planning is the process of getting your affairs in order in case of your death or incapacitation. It can be an incredibly daunting task, and it’s hard to know where to start. It’s also incredibly important. A properly organized estate ensures that your family is taken care of and your wishes are followed when the worst happens.
There are 5 main aspects of estate planning that should be considered.

1. Wills

A will becomes valid at the time of death and states a person’s wishes of how the estate is to be handled and distributed. An executor is appointed who handles the estate. If there is no executor or will, the family chooses one. That person must apply to become administrator of the estate before anything can be done.

2. Living Will

A living will indicates a person’s desires regarding their medical treatment when they are incapacitated and appoints someone to make medical decisions for them when they are medically unable to give informed consent.

3. Power of Attorney

Power of attorney gives another party authority to take control of all or a portion of a person’s financial and legal affairs. This can be short-term while the person is out of the country, or long-term during a time of incapacity. This allows bills, taxes, banking, etcetera, to be taken care of when the individual is not able to do it themselves.

4. Advance Funeral Planning

Making your funeral arrangements ahead of time relieves your loved ones of many difficult tasks at an emotional and difficult time, ensures the funeral is handled according to your wishes, and removes the financial burden of planning your funeral from your family.

5. Assurant Travel Protection

What would your family do if you died away from home? Even if you are only in the next city, it can get complicated and expensive very quickly. Transportation costs often total thousands of dollars. Assurant Travel Protection covers you when you travel more than 100km away from home, anywhere in the world. With one phone call, everything is taken care of. A one-time fee of $595 provides full protection for life.
Assurant Travel Protection helps with:

  • Identification of the body
  • Selecting and coordinating with unknown funeral homes
  • Arranging for preparation and transportation of the deceased to your local funeral home
  • They pay all transportation costs for the deceased including air travel
  • Assisting in travel arrangements for loved ones and pets

Talk to your lawyer to ensure your will, living will, and power of attorney are in order. To learn more about Advance Funeral Planning or Assurant Travel Protection, visit https://www.oliversfuneralhome.com/funeral-planning/pre-planning/

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