Estate Planning: 6 Factors You Can’t Afford To Ignore

Outlook Money

Will Should Be Unambiguous

The language in the Will should be clear and easy to understand. The testator should list assets in his possession and their respective beneficiaries after he is gone. 

Use A Will To Transfer Property

Senior citizens should avoid gifting self-occupied houses or rent-bearing property to their children during their lifetime, instead they can write a Will to transfer them. 

Choose A Nominee Your Financial Accounts

Senior citizens shouldn’t neglect nominees for their bank and other financial accounts.

Review Estate Plan Periodically

It is vital to regularly review your estate plan so you can update it based on evolving family situations.

Name A Power of Attorney

Choose a power of attorney (POA) for property, bank, or tax-related transactions and to pay for legal services, investments, etc.

Create A Living Will

A living Will can allow them to make medical decisions when they cannot communicate due to old age or illness.

Compiled By Himani Verma

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