Many people understand that they need to create an estate plan. But guess what? Some people don’t know exactly what this means.
Before you can make important estate planning decisions, you must first know what is available to you. By educating yourself on this topic, it won’t be long before you better understand what you should and should not be doing.
At our law firm, we’ve helped thousands of people create an estate plan. Some knew exactly what they wanted from the process. Others, however, were unsure of where to start and what decisions they should be making.
Here is an important excerpt from our estate planning services webpage:
“Estate planning is the creation of a plan that is meant to manage your wealth while you’re alive and subsequently distribute it after you pass on. At Krueger and Hernandez, we help protect your material possessions but more importantly, we help you protect your loved ones and their relationship with one another.”
That should give you a better idea of what you’re trying to accomplish by creating an estate plan. It should also clear the air as to how a qualified attorney can step in and provide you with service.
Points to Consider
It’s one thing to understand the basics of creating an estate plan. It’s another thing entirely to know which details are most important to somebody in your position.
One of the primary points of consideration is taking inventory of your assets. These are the things you are leaving behind to your loved ones, so they must be accounted for accordingly.
This can include everything from your home to your cars to your personal possessions. As you know, your list of assets can and will change over time. For this reason, your estate plan should be adjusted accordingly.
As you move on from there, you must decide if a will is enough for you to feel confident in your estate plan. Some people don’t require anything but this, while others would rather create a trust.
By comparing the pros and cons of a will and trust, you can help decide which estate planning tool works best for you.
While many people focus solely on what will happen to their assets upon their death, there’s something else that goes into the estate planning process: incapacity planning.
For example, you’ll want to create a healthcare power of attorney. This gives another party, such as a family member, the ability to make medical decisions on your behalf if you’re unable to do so.
It’s best to discuss all these strategies with your attorney, as you don’t want to overlook something that could work in your favor while you’re living.
Finally, you may find yourself facing unique circumstances. An example of this could be planning for the future of a disabled loved one. Special needs planning is easier said than done, so it takes a lot of time and effort upfront to get everything in place.
Another example would be a small business owner who wants to pass his or her company down to the next generation. Once again, there are some steps you can take in regards to your estate plan to ensure that this happens.
If you have an estate plan, there’s nothing wrong with reviewing it regularly to ensure that is suits your needs. If you have yet to take on this process, now’s the time to move forward.
We have many resources to help you get on the right track. For example, you can download our free report on top reasons to create an estate plan. With this in hand, you can better understand your situation and the steps you need to take in the near future.
At our law firm, we’ve assisted all types of people with the creation of an estate plan. Since you’re in a unique position, you can’t make decisions based on what others are doing. Instead, you need to review your personal situation and then do what’s best for you and your family.
If you have any questions or concerns, if you need help with any aspect of your estate plan, contact us online or via phone. We’re always here to assist you!
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