Most of us spend little time thinking about death or losing the capacity to manage our own affairs. These are unpleasant topics and banishing them from our minds is easier than entertaining them. Death, however, is inevitable and becoming incapacitated is not likely, but possible.
What would happen if you could no longer handle your finances or communicate your health care decisions? Who would make important decisions for you about these kinds of things or manage and distribute your assets after you die? These are some of the underlying questions in estate planning.
Estate planning is the process of organizing your financial and legal affairs to ensure your wishes are followed after you pass away or if you become incapacitated. It involves more than just drafting a will. It also focuses on preserving your assets, protecting your loved ones, and minimizing the tax burden on your estate. Creating an estate plan can give you peace of mind knowing that your family members and other loved ones will be taken care of according to your wishes.
Estate planning may be the most overlooked important part of adulthood. According to a Caring.com survey, only 32 percent of Americans have a will.
People forgo estate planning for various reasons. They may think that they don’t have enough money or property to constitute an estate. They may not want to think about dying or losing capacity. Or they might delay taking the first step because the process seems overwhelming, and they don’t want to bother with it.
Yet estate planning is important for many reasons, and everyone should have an estate plan. Here are some reasons:
Now that you know what estate planning is and why it is important, here are five steps to take to get started – even before you meet with an attorney to work on any legal documents:
Think about who in your life would be best suited to make medical and financial decisions for you. You can choose one person to make both types of decisions or you can nominate different individuals to make those decisions. It can also be a good idea to pick backup agents, also known as attorneys-in-fact, to step in if your first choices are unable to fulfill the role.
Make a list of all your valuable assets. This list could include your home, automobiles, jewelry, financial investments, retirement accounts, and family heirlooms. Alongside this list of property, you can put the names of people you want to have each item when you are gone. Since the beneficiaries of life insurance policies and retirement accounts are usually listed on the account documents, be sure to update those so that they match what is in your estate plan.
If you have any debts, such as credit cards, loans, mortgages, unpaid back taxes, or child support, make a list of them. The executor of your estate will need to be aware of them so that they can pay those off before any of your assets can be distributed to your heirs.
Making a list of all your digital assets, bank accounts, email accounts, etc., along with log-in information, will help your agent and executor better manage your virtual life and digital assets.
If you have minor children, or an adult child with a disability, you need to choose someone you trust to care for them if you and their other parent are unable to do so.
After you have completed your estate planning starter checklist, you are ready to start working with an estate planning lawyer. They can discuss your specific situation and help you prepare the estate planning documents that will work best for you.
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Estate planning involves various legal instruments, such as wills, trusts, powers of attorney, and healthcare directives. We specialize in estate planning, ensuring that your documents comply with the ever-changing state and federal laws. We can help you navigate intricate legal requirements, minimizing the risk of costly errors and potential disputes.
Every person's financial situation and family dynamics are unique. We will take the time to understand your goals and circumstances, allowing for the creation an estate plan that suits your individual situation.
We can assist you in structuring your estate plan to protect your assets from potential creditors, lawsuits, and taxation. Our experience can also help you employ strategies to minimize tax liabilities.
Probate is the legal process through which a deceased person's assets are distributed. It can be time-consuming and costly. We can help you explore options to minimize or avoid the probate process, allowing your beneficiaries to receive their inheritances more quickly and efficiently.
When estate plans are unclear or disputed, it can lead to conflicts and legal battles. We can help you draft clear and legally sound documents that minimize the chances of disputes among heirs and beneficiaries. In the event that a dispute arises, we can also represent your interests and work toward an amicable resolution.
Estate plans need to be reviewed and updated periodically to reflect changes in your financial situation, family dynamics, and applicable laws. We can provide ongoing support and guidance, ensuring that your estate plan remains current and effective.
Engaging a law firm for estate planning provides peace of mind, knowing that your affairs are in capable hands. It allows you to focus on enjoying your life without the constant worry of what may happen to your assets and loved ones in the future.
Estate planning involves various legal instruments, such as wills, trusts, powers of attorney, and healthcare directives. We specialize in estate planning, ensuring that your documents comply with the ever-changing state and federal laws. We can help you navigate intricate legal requirements, minimizing the risk of costly errors and potential disputes.
Every person's financial situation and family dynamics are unique. We will take the time to understand your goals and circumstances, allowing for the creation an estate plan that suits your individual situation.
We can assist you in structuring your estate plan to protect your assets from potential creditors, lawsuits, and taxation. Our experience can also help you employ strategies to minimize tax liabilities.
Probate is the legal process through which a deceased person's assets are distributed. It can be time-consuming and costly. We can help you explore options to minimize or avoid the probate process, allowing your beneficiaries to receive their inheritances more quickly and efficiently.
When estate plans are unclear or disputed, it can lead to conflicts and legal battles. We can help you draft clear and legally sound documents that minimize the chances of disputes among heirs and beneficiaries. In the event that a dispute arises, we can also represent your interests and work toward an amicable resolution.
Estate plans need to be reviewed and updated periodically to reflect changes in your financial situation, family dynamics, and applicable laws. We can provide ongoing support and guidance, ensuring that your estate plan remains current and effective.
Engaging a law firm for estate planning provides peace of mind, knowing that your affairs are in capable hands. It allows you to focus on enjoying your life without the constant worry of what may happen to your assets and loved ones in the future.
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