Estate Planning Guide

Source: AARP.org | April 18, 2005

Who will inherit your property when you die? What kind of medical treatments will you want to receive - or avoid - if you become critically ill? Thinking about these questions - before illness or death strike - is what estate planning is all about.

Planning your estate means:

• Talking to family members now to decide how to handle your financial and medical affairs if you become incapable of making your own decisions. Learn about Power of Attorney.
• Working with an attorney now. Draw up a will or establish a trust that will distribute your property according to your wishes after you die.
• Making other important decisions now. That way, your loved ones won ' t be confused or burdened with financial troubles when you can no longer provide for them. Get familiar with probate.

To be a successful estate planner, you must study your options carefully. Be sure to consult with appropriate experts and make your decisions in consultation with your family members.