Death can be a scary thing, and what comes after can be overwhelming to think about. However, there are steps that everyone needs to take before to ensure that your time on Earth isn’t forgotten and that your final wishes are being met.
When you pass on, it’s important to leave a plan for how you want your estate handled. Estate planning is an important process that many overlook until it’s too late, so take the time now to learn about your options and start your plan. Explore our helpful guide to learn about when you should begin planning your estate, and why you need a knowledgeable attorney.
What is Estate Planning?
To start with the basics, your estate is comprised of everything that you own. This includes things like your car, home, bank accounts, any life insurance policies you’ve taken out, all your material possessions, and anything else that you definitively own.
Before you die, it is important that you meet with an attorney to create a set plan of how your estate will be handled after your death. You will need to consider which of your loved ones will get specific assets and possessions. This is also a time for you to determine any parting gifts to leave to your friends and family. It is also the time to consider how your liquid assets will be divided. Will you donate to charity? Have you considered establishing trust funds for your children and grandchildren? These all need to be considered prior to your passing and formalizing an estate plan will help ensure that your decisions are carried out.
Estate planning also involves planning for the possibility that you become disabled before you die, determining how you will pay for your funeral and any medical procedures, and even outlining who gets the power of attorney over you in the event that you cannot care for yourself. The huge benefit of estate planning is that you can make all these important life decisions while minimizing taxes, court costs, and unnecessary legal fees. Estate planning early on can save you time, resources, and give you peace of mind when the unthinkable happens.
When to Begin Planning Your Estate
Believe it or not, you already have an estate that needs planning, and you have important decisions regarding future care that need to be made. The sooner you start establishing your estate plan, the better.
However, keep in mind that estate planning is an ongoing process that changes as you grow. It’s not a one-time thing. You might want to change your division of assets, alter your power of attorney plans, or implement different financial strategies later in life. The important thing is to take the time to start planning your estate now so that you can easily make changes as the need arrives in the future.
Rely on the Professionals
Estate planning is an important undertaking and you shouldn’t go through it alone. Professional estate planning attorneys will know how to plan your estate so there’s minimal issue or friction, giving you a way to make your wishes known and respected long before the need arises. They can also make the process easier by walking you through the steps and guide you through your assets and the plans you have for them.
An attorney trained in estate planning and will drafting can be a valuable asset for your future, so make sure to reach out to a professional you can trust.
Start Planning Your Estate Today
It’s never too early to start planning your estate. Dividing your assets, starting your trust planning, and establishing your living will are all ongoing processes, so the sooner you get started, the better your future will be.
Throughout the process, estate planning attorneys can provide a guiding hand, and they will always look out for your best interests. Make sure you rely on a professional estate attorney from a reputable firm, such as Anderson Hunter. We are here to help you plan for your future, so give us a call to start building your estate plan today.
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