June 25, 2024
Financially Speaking--Estate Planning
Estate plans are often thought of as primarily for how to pass titled or untitled assets. However, this planning also includes determining the care of minor children or pets, advanced healthcare planning (HIPPA forms, financial power of attorney for health care, DNR (do not resuscitate), living will), and any final arrangement such as burial or funeral. Digital assets are another consideration. This planning is the opportunity for you to have the power to decide. If you do not, your state of residence will determine this for you using their default plan.
Once you have a plan, it is recommended to revisit it every few years or anytime there is a major life change such as a marriage, birth, death, divorce or change in assets. Reviewing documents, goals, executors, trustees, beneficiaries, assets, and advanced directives for healthcare help ensure your previous decisions are still what you desire.
Not sure what all these terms mean, or you are an executor for someone? Check out Beginning the Estate Planning Process fact sheets in the KSRE Bookstore. MF3467 Beginning the Estate Planning Process: Overview lists several publications that may be helpful to get you started.
Side note: If you are an extension agent who wishes to present a program on Beginning the Estate Planning Process, the Family Resource Management program focus team committee has been working on tools to make this an easier process, including an “in case of emergency or death” binder to help people with organization. More programming details will be forthcoming in the next few months.