“Taking the time and effort necessary to plan one's estate is imperative, and can provide for one's immediate family,” said
To help people with estate planning, Tippett lists the following three tips:
No. 1: Start planning early. “You should start planning as soon as you turn 18, and definitely if you are married, have a child or are in a relationship in which you want the other person in the relationship to inherit some or all of your estate upon your death,” stressed Tippett, who has a “Superb”
No. 2: Ensure documents are up-to-date. Documents should always be up-to-date and correctly reflect one's wishes and intentions. Important documents include, at a minimum, a will, durable power of attorney, healthcare power of attorney, living will and HIPAA authorization. “Additional documents, depending on your circumstances and desires, can include a revocable living trust, irrevocable trust, cremation directive and anatomical gift instrument,” added Tippett.
No. 3: Periodic review of estate planning. “People should review their estate planning every three to five years, or upon important life-changing events such as marriage, divorce, death or birth/adoption of a child or grandchild,” concluded Tippett, who is also the principal author of The Wealth Lawyer, an informative blog dedicated to wealth law, estate planning and asset protection planning issues.
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