Festive Friday: Plan your estate before it’s too late

By Alice Wadley
Staff Writer

Festive Friday held their monthly event and the topic of discussion was estate planning. It may be an unpleasant topic to talk about, but everyone 18 and older needs to make arrangements for when they die. It will take the burden off of your loved ones if your estate is planned before you die.
Everyone has an estate, no matter how old or young you are. Even if you think everything you own has little value, it is best to have a plan in place. We all have something in common, we are all going to die. The old adage, “You can’t take it with you when you die,” is true. What happens to your property, minor children, cars, pets, bank accounts, life insurance and other things when you die?
Many people do not plan for death because they are too young or too busy to plan. They think they will have plenty of time to sort out their estate. Often people are confused and don’t know where to start or who to contact or they just don’t want to think about it. When death happens unexpectedly it leaves the family to pick up the pieces you didn’t plan for. The time to plan is now, don’t delay, start today.
So where do you begin and what do you need to start planning for the end. You will need a will. A will explains where your assets will go after you die. You can also use a will to declare a guardian for your minor children upon your death.
A power of attorney gives someone else the ability to handle your financial affairs for you if you aren’t able to. If you are incapacitated, you will need some one to take care of your finances. A financial institution will not grant access to your accounts unless you have a power of attorney. Only grant a power of attorney to someone who is trustworthy and responsible.
A living will states what will happen to you if you can’t tell people your wishes with regards to resuscitating you or keeping you on life support. If you don’t have a living will with your wishes your family and medical staff won’t know what to do when the time comes to make a decision.
Having an estate plan takes the guess work out of what happens when you die. Your loved ones won’t have to wonder what you wanted because you already have everything planned out. Make you estate very detailed to make sure there is no confusion as to your final wishes. Contact an attorney to help you. There are attorneys who specialize in estate planning. The attorney will make sure all of your documents are legally binding. If you plan your estate with an attorney make sure you know what is included in the estate planning. Is the estate plan all inclusive or do you have to pay for each item separately?
During your estate planning you will need to select an executor of your estate. An executor is often referred to as a personal representative.
The executor is the person in your will who is in charge of your estate after you die. The executor is responsible for preparing an inventory of property, determining the bills of the estate and paying them and making sure the beneficiaries get their distribution after everything is complete.
Be careful who you choose to be your executor. Make sure they are responsible, trustworthy and know how to handle money. One approach to selecting an executor is to appoint someone who has nothing to gain from your estate. This will help avoid conflicts of interest and family members quarreling over your estate.
To be an executor you must be 18 years of age, mentally/physically able to perform the duties, not have been convicted of a felony and be a U.S. citizen. If the executor lives out of state it would be wise to appoint co-executors.
The executor will generally be working with a lawyer to probate the will. Fees might be set by the state. Be sure to provide a replacement executor, in case the executor dies, becomes incapacitated or is unwilling to act. Ask your executor is he/she is willing to act as executor. If you don’t appoint an executor the court will appoint someone.
Most states allow a 3 percent commission of the value of the estate for the executor. There may be other compensations depending on the will and they must be approved by the court. Family members can be paid, but don’t have to be. It depends on the state law.
Communicating your funeral wishes to your family is a blessing to them. Take the time to write down or explain things clearly to your family. To consider: Do you want to be buried or cremated? Where would you like to be buried? You can purchase a plot prior to your passing, if you wish. If cremated, where do you want your ashes stored or scattered? What type of funeral services do you prefer, a religious funeral, if so what denomination? Do you want an open or closed casket? Is there a charity you would like donations to go to on your behalf? Funeral arrangements are expensive, consider saving for your funeral or prepaying for funeral services. This will take the burden off of your family.
Very few people want to think about their own death. Don’t procrastinate, do something today. You can change it later if your circumstances changes. If it is too expensive, start with something you can afford. If you have minor children you will want to decide who will have custody of them. If the state decides the custodianship of your children it may be someone you didn’t desire. These days, pets are considered family. Don’t forget to include them in your afterlife planning.
Having your estate planned before you die. It will give you and your family peace of mind. It is one of the most considerate things you can do for your family should you die in advanced age or unexpectedly.