4 Top Tips for Estate Planning You Should Know

Estate planning enables a person to determine how their assets will be administered and owned after death or incapacitation. Here are 4 useful tips you should know since they will greatly assist you in creating an estate plan.

Work with a Specialist

Many self-help tools are available online, but you can also consult a professional regarding estate planning. An estate planning lawyer is better positioned to inform you of the stringent guidelines for drafting a testament and a will.

Since failure to follow the set rules could cause your will to be invalidated. A qualified estate planning lawyer will also be able to make the process easier for you and offer tried-and-true solutions.

Keep Inventory of Your Assets

Maintaining a continuous inventory of all your assets and liabilities for your representative is a brilliant idea. As you gain more assets, you will want to keep track of them so that when you are in the beginning stages of estate planning, you will have easy access to them in any legal setting. Make sure to keep all receipts and documentation in a safe place when obtaining your assets to make the estate planning process a bit easier.

Prepare for the Unexpected

In various scenarios, you can specify what you want to transpire in an estate plan. For example, if you opt to leave your property to your children but, unfortunately, one of them dies, what would you like to happen to the child’s portion of the estate? Are your children even aware of your will? According to a 2022 Wills Survey conducted by OnePoll for Brookdale Senior Living, 30% of Americans are unaware of whether their parents have a will. Such questions can be quickly addressed in a good estate plan, giving you peace of mind that your plans will unfold well.

Power of Attorney

These documents are straightforward and vital. If you cannot act for yourself, a power of attorney allows you to designate an agent to act on your behalf. If you don’t have a power of attorney document, your loved ones’ sole option is to file for a conservatorship, which is more complicated and expensive.

Consult an estate planning lawyer to find other ways to arrange the power of attorney to safeguard your interests.

One of the essential tasks you should do for your loved ones is to create an estate plan since it’s never too early to begin planning, but it can be too late. Consulting a professional estate planning lawyer will help you achieve this.

If you have questions about these services or would like to schedule a consultation with our attorneys, please give us a call today.