Estate plans have to do with what’s going to happen in the future. Retirement, taking care of loved ones, avoiding taxes — things that will have to be dealt with some day, but not today.
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However, a story in Forbes says your estate plan can actually help you out right now — by eliminating stress and worry.
The article lists a number of key elements of any estate plan. Here are some:
- Determine who you want to manage your affairs if you are incapacitated or pass away.
- Make a plan for how you will manage if you need to go into a nursing home or need long-term health care.
- Avoid probate at all costs.
- Protect children from a prior marriage.
- Protect assets inherited by your heirs from lawsuits, divorces and other claims.
- Provide for children with special needs.
