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The basics of estate planning

While very few residents of Kennett Square, Pennsylvania, think of dying suddenly, most realize the need to prepare for any of life's uncertainties. No one wants to leave their family fractured by failing to plan for the future, which is why estate planning was created. Its sole purpose is to provide a stable future for those who will be left behind in case of a loved one's death. Wills, trusts and a power of attorney are some of the most commonly used estate planning tools. Here are some additional tips that can help readers with proper estate planning.

First, an individual should let their loved ones know that they have decided to start estate planning. This person may then choose to include their loved ones in meetings that discuss their assets so that the family members will have an idea of what is at stake.

Second, a person may choose to give their spouses or children trading authorization and power of attorney. This will allow them to handle the finances of certain business transactions in the event that the individual is incapacitated.

Third, this person may also choose to create an ethical will, which will share his or her vision with the next generation. It will also explain how the property or assets were acquired as well as instill values to heirs. An ethical will can also explain why a certain property or asset is being divided as indicated by the trust or will.

Finally, in choosing a trustee, a person should first check the candidate's background before making a final decision. By doing so, the person can rest assured that everything will be in order in case of certain unexpected events.

Individuals who are considering estate planning may wish to consult with an experienced legal professional. This type of attorney can help explain many of the different options available for estate and wealth planning.

Source: WGN TV, "Your money matters: estate planning tips," Steve Diltz, Feb. 24, 2014

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