Estate Planning Options When Planning For Your Eventual Death

One of the most important things you can do for your loved ones is planning for your eventual death. Yes, it seems morbid but there are so many things to think about and accomplish if you were critically injured in an accident or had a terminal illness. By mapping out your wishes in advance, you are alleviating a lot of pressure for your loved ones.

There are a number of things to consider when estate planning. There are living wills, the consideration of donating organs upon death, creating a living trust, establishing a power of attorney and allocating assets to friends and family. In terms of a living will, this document directs family and medical professionals to your wishes should you become incapacitated. It should address resuscitation efforts as well as a feeding tube and use of a ventilator. These conditions should be known when establishing a living trust:

* Loved ones and medical professionals treating you cannot serve as witnesses to the document.

* A living trust can be revoked at any time and even be re-amended.

* If you establish that you do not want any life-sustaining efforts, your death because of this will be considered natural in terms of your family receiving death benefits.

Planning the dissolution of your estate in the event of your death does not have to be confusing. In advance, you should choose who you want to receive any real estate, jewelry, antiques, mementoes and other things of value. Bank accounts, investments and other financial issues should be designated in advance as well. An executor for your estate should be appointed to look after your best interests and ensure your wishes are carried out.

The same person serving as executor could potentially also hold durable power of attorney which states your wishes in regards to medical treatment. You should clearly outline what life saving measures you want or don't want in addition to other medical choices. In addition, the power of attorney gives the person who is holding it power to act on your behalf, such as paying bills in the event of your incapacitation.

Another thing to address is organ donation. If you wish to donate your organs, you should talk with your doctor and loved ones in advance, while you are still of sound body and mind. Sign the back of your driver's license and fill out an organ donor card to carry in your wallet at all times. You may want to mention your wishes in regards to organ donation in your living will or any other advanced directives you have created to look after your best interests. Organ donation can be a touchy subject, particularly if first brought up when a loved one just died. Therefore, knowing your wishes in this regard in advance removes the awkwardness and debate.

All in all, planning for your death can be a complicated business. Just think of the heartache your family would have to go through if you did not plan in advance. Having everything set in place means that the only thing you family has to do is get through the grief of losing you.

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