Estate Planning 101 for Filipinos
Estate planning is an essential aspect of financial planning that many Filipinos tend to overlook. Planning your estate means making sure that your assets and properties are distributed according to your wishes. It additionally means that your loved ones are taken care of after your death. In this listicle, we’ll discuss the essential documents you need to prepare for estate planning.
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Last Will and Testament
A last will and testament is a legal document. It specifies how you want your assets and properties distributed after your death. It allows you to name your beneficiaries. Moreover, it allows you to specify the distribution of your assets, and appoint an executor to carry out your wishes. Golden Haven’s memorial properties are transferrable and assignable. Our memorial properties can provide a secure and meaningful investment option that you can include in your estate plan.
A living will is also known as an advanced directive. Moreover, it is a legal document that outlines your medical treatment preferences if you become incapacitated. This is honored when you are unable to make decisions for yourself. It can include instructions for life-sustaining treatment, organ donation, and end-of-life care. For end-of-life care needs, you may instruct your family to work with providers that respect and follow special instructions. Some Funeral homes can be strict and do not entertain wishes. As for Golden Haven Chapels and Crematorium, we ensure all wishes are followed through.
Power of Attorney
A power of attorney is a legal document that appoints someone to act on your behalf. This is in case you become incapacitated or unable to make decisions. It allows someone you trust to make important decisions for you. These decisions revolve around managing your finances, paying bills, or making medical decisions.
Designation of Beneficiary
A designation of beneficiary is a legal document that allows you to specify who will receive your benefits after your death. This document is commonly for insurance policies, retirement plans, bank accounts, and other similar assets. By designating a beneficiary, you can ensure that your assets are distributed according to your wishes. Moreover, it ensures that your loved ones are taken care of after your passing.
Overall, the designation of a beneficiary can be an important tool in estate planning. It allows you to protect your assets and ensure that your loved ones are taken care of after your passing.
Letter of Instruction
A letter of instruction is a document that is not legally binding, but provides important guidance and instructions to your family and loved ones after your death. It is a personalized document that can be used to communicate your final wishes and preferences, such as the type of funeral arrangements you would like, the distribution of your personal belongings, and any other important matters you would like to address.
The letter of instruction is often considered an important part of estate planning, as it allows you to communicate your wishes and desires to your loved ones in a clear and concise manner. It can also help to avoid confusion and disputes among family members during an emotional and difficult time.
Preparing these essential documents can help ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after your death. It’s important to consult with a lawyer or financial planner to ensure that your estate plan is legally sound and meets your specific needs.
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