An Estate Planning List for the New Year

Posted on February 22, 2021 by Bagozzi Twins Funeral Home under blog, cremations
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cremation services in Van Buren, NY

Good estate planning before cremation services in Van Buren, NY will help relieve some of the stress that your family will inevitably experience after you die. Your death will leave a void in their lives that can never be filled, but with a well-planned estate, you can help them be in a better position to get through the winding road of grief and sorrow ahead of them.

So, what is an estate plan? The estate plan you draw up is simply a framework for how you want your assets to be distributed after you die. When you do an estate plan, you can have the peace of mind that what you own will go to the people that you want it to go to.

If you don’t do an estate plan, then you will leave your family in turmoil as to who should get what. You may even be setting the stage for your family to figuratively and literally break apart after your death because the fighting and quarreling leaves hard feelings that never mend. You don’t want that, and neither does you family, but that, sadly, is often what happens when people don’t do estate planning before they die.

So, what do you need to include in your estate plan?

First, you should have end of life care directives. These include a durable power of attorney, a medical power of attorney, and a living will, at a minimum. If there are specific medical procedures, such as resuscitation and intubation, that you do not want performed, then you should have your primary care physician draw up and sign Do Not Resuscitate (DNR) and Do Not Intubate (DNI) orders for you.

A durable power of attorney lets you appoint someone to handle your financial and legal affairs if you are incapacitated and unable to handle them yourself. Once you die, the durable power of attorney is no longer in effect.

A medical power of attorney lets you designate somebody to make medical decisions for you if you cannot make them for yourself (this includes making sure your living will, DNR, and DNI wishes are followed).

Next, you should have a will to distribute your assets. Be sure to include both personal and business assets (if you are a partner in a business, there should be instructions for a buyout if your beneficiary doesn’t want to continue in the business).

Make sure all your financial accounts that have beneficiaries attached to them (life insurance, retirement, pension plans, investments, etc.) are updated to include current beneficiary information. Many times, we make these designations decades before we die, but things can change significantly in the interim.

cremation services in Van Buren, NYMake sure that you have all your property deeds and titles in a safe place and that the executor of your will knows where they are located and has access to them. You should also have any financial paperwork they will need here as well, and things like your Social Security card, your birth certificate, your marriage certificate, and military discharge orders (Form DD-214), if applicable.

If you don’t have life insurance and burial insurance, now is the time to consider purchasing both.

The older you are when you purchase life insurance, the more expensive it will be, but life insurance can help make your family more financially secure after your death. A medical exam is required.

Funeral insurance, on the other hand, is designed to pay for your funeral expenses. You will not need a medical exam to purchase funeral insurance.

If you’d like to know about the cremation services offered in Van Buren, NY, our compassionate and experienced team at Bagozzi Twins Funeral Home, Inc. is here to help.

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