It’s an uncomfortable subject, but it’s an important one to consider – what will happen to your estate when you’ve passed? Taking time now to proactively get your affairs in order can help you make sure your family is protected in the future.
An estate plan makes sure that the transfer of property to your family is as smooth as possible and takes some of that burden off of them. Get an overview of the estate planning basics you need to consider as part of this process, including the practicality of working with an attorney who can help structure your trust or will according to your wishes and getting an estate appraisal to establish the value of your assets.
Ensure Your Family Is Cared For With These Estate Planning Basics
Reach Out To An Attorney
An attorney can work with you to help you navigate your estate planning process. This is particularly useful if you’re dealing with a large or complex estate, or have any doubts or questions.
Inventory Your Property
To start with, it’s important to start by inventorying your assets and establishing their value.
This includes:
- Your home or real estate
- Vehicles
- Collectibles
- Savings accounts
- Life insurance policies
- Other assets
Estimating their value accurately is a huge part of creating your estate plan. The best way to do this is with an estate appraisal conducted by an expert.
Evaluate Your Needs
As you move forward, keep in mind any special circumstances that may impact your estate plan, and know what your unique needs are. Some important questions to consider include:
- Do you have enough life insurance?
- If you have young children, have you named a guardian for them?
- If you’re the sole owner of a business, do you have a succession plan?
Establish Your Health Care Directives
Consider who will have power of attorney in the event that you should become incapacitated.
Create A Trust or Will
A trust or will details who inherits your property and may also name a guardian for your children, among other important factors.
Organize Your Documents
It’s important that your loved ones will be able to access your will and other key documents in the event that something should happen to you. Make sure your documents are organized and accessible for your attorney or your executor.
Understanding the basics of estate planning is a key component in making sure your family is cared for when you’re gone. If you’re going through the process of planning your estate, ensure you’re working with a trusted, licensed appraiser. Order an estate planning appraisal.