• Posted February 3, 2023

Basic Steps You Need to Complete in Your Estate Plan

An estate plan determines what will happen to your assets and belongings when you pass away.

Having an estate plan is a great way to continue caring for your loved ones even after you have died. Additionally, having these things planned out will ensure that things are carried out according to your wishes after death.  Our certified financial planners in Hartford, CT provide financial and estate planning services.

Assign a Power of Attorney

Assigning a power of attorney means choosing someone who will act as your agent in situations where you can no longer act for yourself. Situations where your agent may make decisions on your behalf could be if you are in a coma or are losing the capacity to think clearly during old age.

Because your agent will be able to make very important decisions concerning your health and assets, you want to choose someone that has your best interests in mind. You want to pick someone who would know what you would choose and then choose that for you. 

Create a Will

Even if you think you don’t have many assets or belongings, you should still create a will. If you don’t create a will or have an unclear will, it can be very difficult to decide who gets your things when you pass away.

Property can get stuck in probate court for months without clear guidance about who it will go to. Thus, if you want your assets to be used by your loved ones immediately after you have passed away, create a comprehensive and clear will outlining your wishes. Our certified financial planners provide estate and succession planning services in Hartford and beyond.

Invest in Life Insurance

Life insurance provides funds to your family after you have passed away. Life insurance is especially recommended if you have small children or mortgage debt. Instead of your loved ones having to manage overwhelming debt without your steady income, they will be able to pay much, if not all, off with life insurance funds. Whenever you are budgeting, make sure to prioritize setting aside money to invest in life insurance. Although you won’t see the benefits of this investment, it will help your loved ones who are left behind immensely. We provide insurance planning services to assist with estate planning.

Life can be very unpredictable, especially with some diseases and accidents being unavoidable. Even if you are healthy or young, you should start planning as early as possible. Completing your estate plan or working on it early on can reduce stress in later years. 

Did you enjoy reading this article? Here’s more to read. Items You Shouldn’t Forget in Your Will

Contact Tenpath Financial Group for certified financial planning services in Hartford, CT.