Estate Planning 101

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Planning for the world after you pass is not something anyone looks forward to, but everyone needs to do. Estate planning means ensuring that your affairs are handled how you see fit, and your loved ones are protected according to your wishes. Take the time to set up your life insurance, invest in a burial plot and write your will. 

Get Life Insurance 

When you begin with estate planning, start by looking into life insurance Newark DE. Life insurance is an agreement between you and your insurer to provide benefits to your designated beneficiary upon your passing. There are three types of life insurance: level term, decreasing term, and permanent. Level term maintains the same benefits throughout the policy. Decreasing term means that as time passes the death benefits will drop incrementally. The final type is permanent, where your insurance covers you until the day you die. Before purchasing, be sure to review the coverage and length, the amount needed and overall cost. Finally, make sure that your beneficiary is clearly stated in your insurance plan. 

Choose Your Grave Plot 

Choosing where you will be buried is one of the most important decisions you will make. If you are not inheriting a plot, you need to start looking. When trying to select a good plot, there are a lot of factors to consider when choosing a cemetery. First and foremost, review the cemetery policy. This includes looking at the rules regarding headstone size, gifts allowed and visitation rules. Next, consider the location of the plot. Is it in a spot that is accessible to those who may want to visit you? Keep these factors in mind when you choose your spot. 

Write Your Will  

Finally, you want to get your will in order. A will is a legal document that states how you like your possessions to be handled, and most importantly what you want for your children upon your passing. Without a will, how your property will be distributed is left to the state or your family and may not be managed how you would wish. Take the time to sit down and write your will, making sure to assign someone as a legal executor as well as a witness to ensure no future issues.   

Nothing in life is certain, but death and taxes. While you cannot avoid the inevitable, you can make sure that once you pass it is easier on those you love most. 

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