Estate planning is one of those things that everyone should do in order to ensure that their wishes are carried out when they pass away. Unfortunately, many people don’t know where to begin or simply don’t want to deal with making plans for their future heirs. They end up leaving the division of their property and assets up to their family. Sadly, this can lead to disagreements and estrangements among siblings.
Taking a little time to do some research now can go a long way toward making the process of estate planning easier.
Getting started
By following the simple steps listed below you’ll be able to get on the right track when it comes to making your final plans:
- Make a list of your assets and property. Include anything of value and anything that is sentimental to you. If you don’t know the value of a collectible, have it appraised.
- Once your inventory is complete, think about your family. Now is the time to decide who should inherit your grandmother’s pearl necklace, your 1957 Chevelle and the diamond ring that your husband gave you for your 25th anniversary.
- Choose an executor to handle the distribution of these items upon your passing. An executor needs to be someone whom you trust to follow your directions when dividing up assets among the beneficiaries (family members, etc.) that you named.
- Write your will. Decide if you need to set up a trust fund for your beneficiaries. Putting everything in writing now will help your executor in the future.
- Reassess your estate plan from time to time, especially when big life changes occur.
For help with creating your estate plan contact an experienced legal guide. Together you’ll be able to ensure that your wishes are carried out in the future.