Estate planning is a complex process that involves many steps. This covers what will happen to you and all of your possessions after you die. If you do not set some type of will or plans for medical care, you will be placing a lot of stress on your surviving family members.
However, estate planning is something that has to be tweaked and fitted to each individual’s needs.
Here are some of the things that you should consider when planning your estate:
- If you already have an estate plan, or even half a plan, that is great. However, instances may arise when you need to seek extra financial assistance. We suggest that you have a professional look over your will at least every decade, or after any major changes that your family goes through.
- Instances may arise when you need to set aside part of your wealth. You might want to bequeath a certain amount to an underage family member, someone who is not in your family, or an organization. Discuss your options when it comes to setting up trusts with your attorney and make sure they know your intentions.
- Your attorney needs to know if someone else, like your spouse, has joint ownership of your assets. Without any will, your estate will typically be passed on to the person who had joint ownership of your estate. That includes bank accounts, properties, investments, etc. However, you need to make sure that their name is on everything.
- It is important that you make final arrangements for yourself before you die. Your family is going to have enough on their hands without having to decide whether to pull the plug on your life support, what kind of funeral to hold, or where to bury you. It’s better if you plan these things.
- During estate planning, you will be asked to place someone over your estate. You may be tempted to name a family member. However, you will be placing a lot of stress on that person’s shoulders. It is better if you find an attorney that you trust, someone who knows about estate planning and your own wishes, to take care of your estate after you pass away.
- Tax advantages are another way estate planning can benefit your family. Having a plan in place will often decrease the taxes that you own on your estate.
If you die without having a will in place, your estate will be subject to interstate succession. That means that your estate will be parceled up among your remaining family members according to state law. You will have no say in who gets what. Your family will also be subject to a long process and extra taxes.
You should not try to take care of estate planning on your own. Our team is prepared to help you protect your estate and your family. Do not wait too long to contact us.