Estate Planning: What You Need To Consider
While many people don’t think about death as early as now, the same should be of paramount importance, especially if you’ll consider the welfare of those who will be left by your passing.
Whether you’ll believe it or not, it’s crucial that you plan in case an unlikely event may happen to you. Here’s what you need to consider when planning for an upcoming passing.
1. Do an inventory
Planning of estate may be quite tricky at first. That’s why conducting a physical inventory of all your assets can genuinely help.
- You can start off by conducting an inventory of your physical and non-physical assets. Try to look at all items inside and outside of your home so that you’ll be able to make a list of all your assets.
- For instance, examples of physical items include the television, collectibles, jewellery, vehicles, computers/laptops, power tools and others.; whereas common examples of non-physical items are life insurance policies, other insurance policies such as long-term care, auto, disability and even health insurance.
2. Consolidate credit cards and debts list
Estate planning should be done in an organised manner, which is why it’s essential to create credit cards and debts lists.
- By consolidating your credit and debit accounts, you’ll be able to identify any debts that you may have missed, thus giving you an opportunity to settle them as much as you can.
- When it comes to debit and credit accounts, you should include everything such as auto loans, open credit cards, home equity and other forms of debts you might owe for a long time.
3. Hire a reliable and responsible estate administrator
Remember that hiring an estate administrator is as essential as planning your estate because your administrator will be the one responsible for administering your rules in your will in the event of your passing.
- However, it’s important to look for an administrator who is responsible and reliable enough to make right decisions.
- In getting one, try to think outside of the box and don’t just rely on your spouse as your primary choice. Make the most out of your selections and consider all qualified individuals whom you know can do the job well. That way, you’ll be assured that your estate will be in good hands.
4. Consult an estate lawyer
Contacting an experienced lawyer can help you plan your estate properly. With the valuable expertise and legal experiences they possess, they are the right people to talk to regarding estate planning.
- In consulting a licensed attorney, you should make sure that they are knowledgeable in handling estate cases. Take every opportunity to inquire about what’s best for your estate and your potential legal options (if necessary) in the event of your death.
- On the other hand, an estate attorney can also help you understand the legalities required for estate planning. Their assistance and services will guide you in making a well-prepared estate plan which will guarantee that your wishes are implemented. That way, your family and loved ones will be taken care properly once you’ll pass.
- The estate lawyer you should get might be of more help if they specialise in other parts of estate law, such as asset protection. Lawyers with that kind of specialisation can be found here.
5. Create a will
If you’re not so familiar with creating a will, don’t hesitate to seek help from your estate attorney. Remember that a will can be considered as a rulebook of all your assets including its distribution to avoid chaos among the heirs.
- Since wills are much less expensive estate documents to draft, it’s best to work with a lawyer to ensure that you’re making the right decision in your estate.
- Make sure that you sign the final document with the date. Don’t also forget to let your two witnesses sign it. Keep in mind that notarisation is essential in estate planning; that’s why it’s necessary to get your final draft notarised.
- Once your will has been finalised, the next stage should be sending the same to your estate administrator who can be your lawyer or any trustworthy person in the family. Make sure you produce a considerable number of copies. The original should be given to the administrator while the others should be given to you and your spouse.
Remember that the best time to plan your estate is now. Think of the benefits it can give you once you have prepared everything for your estate. Aside from the peace of mind, estate planning will enable you to arrange the future of your family and loved one in case you’ll pass away. This can be one of the most considerate acts of love you can do for yourself and them. By considering these things as early as now, we hope you’ll be able to get the most out of your estate plan in the future.