If you want to avoid family disputes and unending legal battles, ensure you give estate planning the attention it deserves. Some people think one has to be wealthy to make an estate plan, but this is untrue. Even if you just have a few assets like a vehicle, furniture, bonds, and stocks, you should create an estate plan. It's usually made of several parts, such as trusts and wills. Some people think they don't need an estate plan if they have a will, but this happens because they don't know these two documents are different. An estate plan is a bit more comprehensive and effective. So if you are about to create one, here's what you should do to avoid problems.
Seek Legal Help
Estate planning can be a tricky process when handling it alone. Where possible, seek legal services because you are making a decision that affects your loved ones. So let an estate planning attorney help you because they won't make mistakes. Remember that even a slight mistake can be disastrous and cost you a lot in the future. However, an attorney helps you create a flawless estate plan. Often, the process is arduous and time-consuming without their help. So seek legal help to ensure the document is more detailed and legally binding
List Everything You Have
An estate plan should include everything you own, including debts. So before you sit down to create one, list all your assets. Don't omit some because this could cost you more later. Actually, it could make the plan ineffective. So list all your cars, jewelry, real estate investments, bank accounts, homes, land, and anything else in your name. Typically, it's hard to calculate your net worth when some assets are missing. Remember to list your personal loans, mortgages, student loans, credit card balance, and other borrowings. This helps you know if your estate is subject to federal or state taxes.
Appoint Your Preferred Beneficiaries
Even as you create an estate plan, you should prepare a list of beneficiaries. It's critical, mainly if you have some joint properties. Usually, a joint property goes to your spouse if you don't indicate who inherits it. By appointing beneficiaries, you make work easier for everyone because it sometimes becomes a big issue, particularly when dealing with life insurance, securities, and cash. Ensure you spell their names correctly to avoid problems. Misspelled or missing names could subject your beneficiaries to a probate process—something you could avoid by being keener.
Contact an estate planning attorney near you to learn more.
Share28 March 2023
My name is Eva, and I have been a personal investment adviser for the past 15 years. I have helped many clients wisely invest their money, and I want to give you some tips I have picked up along the way. Many people discount the use of CDs in investments, and I believe that this is a mistake. Financial professionals agree that CD rates are going to rise, and you can take advantage of that now. This blog will tell you how to find CDs with the best rates, how to build a CD ladder for investment purposes, and why CDs can be better than a savings account.
