When it comes to estate planning, it is only natural to be nervous about the future. The decisions you make today are likely to impact your loved ones down the road.
Creating your first estate plan means many things. While there is a lot to consider, as long as you remain on the right track you will be happy with where you end up.
Here are three details you cannot afford to overlook:
- Take Inventory
This includes both your assets and liabilities. You want to know where you stand right now, in terms of your finances, as well as what could change in the future. There is no detail too small when it comes to this step of the estate planning process. If it counts as an asset or liability, be sure to include it.
- More than a Will?
Some people are okay with nothing more than a basic will. Others, however, have come to realize that another type of estate planning tool, such as a trust, suits them better. You never know what will work for your particular situation until you consider all your options.
- Select an Executor
Early in the process you need to name an executor. This person is staffed with the responsibility of administering your estate once you pass on. Make sure this person has access to your estate plan. And of course, make sure he or she is trustworthy.
As you move through the process of creating your first estate plan, these are the types of details that can keep you on track. You will face many questions, as well as a few challenges. If you are unsure of what to do next, if you don’t know what to expect out of the process, don’t hesitate to contact us to learn more. We have helped many people create an estate plan that gives them peace of mind.
- Tax Planning for 2023 - January 25, 2023
- The Importance of Having an Estate Plan - January 11, 2023
- Understanding Undue Influence – Part II - December 19, 2022
By Appointment Only
All Mail Should be Directed to the Middleton Address