The Basics of Estate Planning
Estate planning is a process by which you protect your right to determine how your net assets are distributed after you pass away, and you take care of other aspects of your estate. It can be a long process, but it is worth it when you get the peace of mind that estate planning offers.
Go With A Professional
While plenty of websites advertise easy wills online and services such as that, estate planning is definitely something that should not be done by amateurs. You need to contract the services of a professional estate planning attorney, and preferably one who is also versed in elder law.
Be Comprehensive
Estate planning is not something that you rush through just to get it done. This is the process that will determine where your assets go after you have passed away, so you want to take the time to get it right. You should sit down and make a list of all of the assets you have and how you want them distributed after you pass away to present to your estate planner. Spend several days revising your list to make sure it is comprehensive when you sit down with your planner.
Take Everything Into Account
When you get into estate planning, you need to consider more than just your liquid assets and real estate. You also need to consider guardianship of your children and, if it is important to you, the guardianship of any pets you leave behind. You will want to consider any charitable organizations you may want to support with your estate, and any work you may want your estate to do after you have passed away.
Important Decisions
Planning your estate consists of making some very important decisions. You need to determine who will be your estate executor, who will be your beneficiaries, and how you want your money handled after you pass away. Talk to your estate planner about tactics you can use to protect your beneficiaries from taxes that can be levied on your distributions and any methods you can use to leave behind financial assistance for young children.
A Trust?
Sometimes it is easier for an estate to be managed if it is turned into a trust. A trust is not for everyone, but in most states a trust can bypass the probate process, which makes it convenient for your beneficiaries.
You should plan on spending considerable time forming and finalizing your estate with your estate planner. If the process feels like it is getting complicated, that is when you can lean back on the knowledge of one our estate planning lawyers and make sure that the job gets done properly.