4 Things Your Estate Plan Needs to Cover

At getyourshittogether.org, you can read about one woman's mission to teach people how to take the few simple steps to get their act together.

One man from East Palo Alto, found his grandmother and mother both passing away in the same year.  Luckily, his grandmother had prepared for her departure.  This made the family's life extremely easy and funeral arrangements were smooth.  The family had the time it needed to heal emotionally.

However, when his mother died, everything became a sudden mess.  He found his family arguing over the house she owned, which ultimately was lost to the foreclosure process, meaning his family lost all the equity.

Her funeral arrangements were a mess leaving the family bitter about having to deal with another stress in their day to day life, when they should have been grieving over the loss of a great woman.

Do you want this to happen to your family?

Here are some items you may want to consider taking care of:

1. Life insurance to replace the loss of income
2. A will to designate legal and physical custody of children
3. A living trust to determine ownership of assets
4. A living will to show decisions in the case of serious health problems

The first 3 items cover the case of a premature death in the family.

This post was reposted from http://finlit.biz/estate-planning/4-things-your-estate-plan-needs-to-cover/, originally written on February 6th, 2013.