It’s never too early to start your estate planning, and there’s no better time to start than today. You may have been putting off preparing a Will for a while now, or maybe it needs an update because of a change in your circumstances.
Most of us would rather not think of the implications of an estate plan, but it is important to overcome that. Preparing for incapacity or death is an obligation that you have to your family.
Estate Planning is for Everyone
Wills and estate planning are not just for the elderly or wealthy. Whatever your stage of life, you can achieve the same peace of mind that our other clients enjoy after they sign their planning documents. Good planning can help ensure that your legacy will be protected, fairly distributed, and handled smoothly without any complications.
The Estate Planning Process – Explained
The process begins by answering a few simple questions. First, you will need to take an inventory of all your assets – everything from real estate investments, to automobiles, to money you’ve stored under your bed for a rainy day. The next step is deciding who you want to receive your assets in the event of your death. Then you will need to determine the manner in which the assets will be distributed, and take the proper measures to ensure that the assets are protected. If you have minor children or family members who depend on you, there is also the non-financial side of estate planning, which can involve choosing guardians and trustees.
An estate plan can include Wills, Trusts, Powers of Attorney, Living Wills, and a wide spectrum of legal devices to make the estate plan as comprehensive and efficient as possible.
Keeping An Estate Plan Up-To-Date
Since your assets and relationships will certainly change over time, it is important to keep your estate plan up-to-date to ensure it is still relevant. If you don’t have a well-crafted, current estate plan, it can result in:
Large estate taxes
Wills being contested
Assets not being distributed as intended
The best way to ensure the longevity of your assets and legacy is to have a solid estate plan that is created by an estate planning attorney.
Don’t wait – there’s no better time to start than now.