* Be practical about estate planning for kid’s sake.
Make sure things like a will, living will, estate plan and trusts, together with life insurance are up to date. A list of all of your assets, including account numbers and passwords can save tons of time and heartache for those you leave behind.
* Be cheap and pre-plan for after death expenses.
Most things, including funeral and burial expenses are cheaper if you competitively shop and contract for them (even possibly pre-paying the expenses) instead of putting your loved ones in a position to try to plan and pay for these expenses upon your sudden demise. My Grandma planned and payed for her simple funeral in Keokuk, Iowa. It was a simple and lovely affair, right down to the music that was played and the type of flowers that were displayed.
* Be clear on your wishes regarding personal property.
How many times have the one unique family heirloom been fought over and caused hard feelings? More than we can count. I know that the Leroy Neiman painting over my parents mantle in Ankeny is going to cause a huge fight with my brother. I hope that my mom and dad take the time to designate me the recipient of that picture!
The Attorneys at the Iowa law firm of Whitaker Hagenow & Gustoff have great experience in estate planning and can help you with these common issues and successfully aid in planning your estate.