The term estate planning is no longer new to you. You have been hearing about this from your friends and the media. Your sources implied that estate planning is essential and that every household should prioritize this. You understand that this is a fact, that’s why you’re looking for ways on how you can do it for your properties and assets. But aside from the things you hear and see from different mediums, you don’t really understand where to start and what to consider when planning for your estate. Let this article provide you the information that you need pertaining to estate planning.
You can start with your estate planning by following these steps:
- Set a deadline. Estate planning is essential so don’t put it off. Set a deadline as to when you’re planning to work and finish your estate plans. You can plan to have it done by the end of the year or by your next birthday.
- Become an educated consumer: Take the time to know about estate planning and what could be the possible strategies you can do to make the process easier. There are several resources available through the internet and published books.
- Organize your financial information. You should create a personal balance sheet. This document should contain all of your assets and their corresponding market value and debts against them if there are any. It should also show the resulting new value and how they are titled. Don’t forget to gather the actual deeds and statements so that once you hire an attorney to work with you, everything will be prepared and will run smoothly.
- Make a list of all the people you want to inherit from you. Think of who you would want to inherit from you. Include their full legal names, dates of birth, current addresses and how they are related to you. If there are any special needs involved, make sure you note that on your list. You can also opt to leave some of your properties to be inherited by different organizations.
- Think of a person whom you want to be your executor. After your death, you need someone to take care of your estate and ensure that everything will be settled with your family members. Choose someone who will be your executor to do all of those things. This person should be someone you trust and if possible, someone who knows your family well.
- Think who you will allow to make healthcare decisions on your behalf. Time will come when you’re unable to make decisions for yourself because you’re incapacitated or too old. So as early as now, make sure that you appoint someone who will do it for you. Provide specific instructions to this person such as your preferred care facility.
- List all of your questions along the way. Don’t force yourself to understand everything in the process or worse, assume as if you know everything. If there are certain terms or steps that are unclear to you, list them down and ask your attorney about it.
- Work with an attorney. If you’re planning to manage your estate as soon as possible, work with an estate planning attorney like this one here. Once you hire an attorney to work with you, you can guarantee that your estate plans are dealt with professionally without compromising anyone’s legal rights.
Estate planning is essential and should be prioritized by everyone. Contrary to popular belief, estate planning is not only for the rich but for every individual who would want their assets to be turned over gracefully to their family members. You don’t want all of your efforts to purchase properties and real estate to go down the drain once you’ve passed, right? Estate planning will allow your family to still live comfortably after your passing – all thanks to the assets and properties you will provide to them.