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Estate planning is something few people want to think about, but establishing a sound plan for when you die will help those you love by taking away the burden of figuring out who will manage your assets and settle your debts.
Take Inventory of Your Assets and Debts
Taking inventory of all your assets and debts is an integral part of the estate planning process because it will allow you to accurately allocate them in your will and any trusts you establish.
Hire an Estate Planning Attorney
The law doesn’t require you to have an estate planning attorney, but it will ensure you have all of the proper documents and that you correctly fill them out.
Create Your Estate Planning Documents
There are certain documents you need to create an all-encompassing estate plan. Creating this plan will ensure your final wishes are met.
Create a Will
Creating a last will and testament is significantly easier after you have a list of your assets and liabilities. Wills are a staple estate planning document that lists which beneficiary gets different pieces of your estate.
Establish Trusts
Trusts aren’t a requirement for an estate plan, but they will likely benefit your beneficiaries more than just a will. There are several types of trusts, each with pros and cons. With so many options to navigate this is why contacting an estate planning attorney is important. They will make suggestions based on you and your family’s situation and make recommendations with your best interests in mind.
Designate a Guardian for Your Minor Children
If you have children under 18, you should designate a guardian for them, ensuring that your child or children go to the person you view as most capable of caring for them. Otherwise, the court will assign guardianship to their closest remaining biological relative.
Establish Healthcare Directives
It’s crucial to establish healthcare directives so your doctors can take care of you in a way that aligns with your wants, needs, and beliefs. When establishing medical directives, you can assign a medical power of attorney to make decisions on your behalf should you become incapacitated. You will also create a living will to detail your wishes for medical care.
Hire An Estate Planning Attorney Today!
It’s never too early to start estate planning. The more detail and thought you put into your estate plan, the easier it will be to transfer your assets after you die. It might be hard to think about, but it’s important because it will save loved ones a lot of time and money. Call us or message us online to start your estate plan!