It is a common misconception that estate planning should happen after you have retired and have accumulated significant net worth. However, it is much better to be prepared before you are ‘over the hill.’ A proper estate plan provides your family with protection if the unexpected should happen. Below are a few tips to help make sure you are prepared.
Tip #1: Focus on the Basics
Your estate plan doesn’t need to be complicated, but you should have the foundational documents for a well-rounded plan as a starting point:
With these documents, you can give direction to your loved ones and the court regarding your preferred decision makers and your property.
Tip #2: Discuss Your Plan
Many people are resistant to having a conversation about estate planning, but it’s important to talk to your loved ones about the decisions you have made and why. While a Will or Trust is very concise and clear about the process an executor or trustee is supposed to take, it may not explain your reasoning and could cause family drama. If you explain your motivations, then your family will be able to better understand your choices.
Tip #3: Leave it to the Professionals
Many people use online programs to create estate planning documents with the goal of saving money, but if you don’t include important information you can actually increase the cost of probating your estate. Instead of taking the ‘do-it-yourself’ approach, schedule an appointment with an estate planning attorney to discuss protecting your family’s future.
Putting together a proper estate plan not only ensures asset protection after you pass away, but gives you peace of mind while you are here—and that’s valuable to have at any age!
Law Offices of Debbie J. Cunningham
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