Want To Create A More Meaningful Estate Plan? Do These 3 Things
Most people want to create an estate plan but don't know where to start. If you have acquired some assets, you should find a way to protect them. It's one thing to acquire assets, and it's another thing to protect them so your family can benefit from them. However, estate planning involves steps that could be quite confusing. You are expected to consider several things when making an estate plan to avoid possible future disputes. And although you know why you need it and have an idea of how you could go about it, you shouldn't make your plan alone. Hire an estate planning attorney because they know how you could make a more meaningful estate plan. Ensure you do these three things when creating one.
Clarify Your Goals
You should be clear on what you intend to achieve when creating an estate plan. Creating one before you identify your goals is a mistake you shouldn't make. Of course, different people have different goals, and they take different paths to achieve them. The same happens when crafting an estate plan. But basically, everyone creates an estate plan to help them give their loved ones a brighter future. The plan also helps protect what you have worked so hard to get. In fact, estate planning helps you avoid issues like probate, where the court could oversee the distribution process.
List down All Your Assets
You should outline what you want the beneficiaries to get before you create an estate plan. This means you should list down everything you have to come up with a more comprehensive plan. Bank and cash accounts, investments, real estate, stocks, and businesses are some of the assets you should include in your estate plan. It's also good to list others like planes, motorcycles, cars, boats, life insurance, and retirement accounts to make estate planning easier. You should also indicate whether you have any intellectual property like trademarks, copyrighted works, technology programs, patents, quotes, concepts, slogans, lyrics, processes, and music, among others.
Outline Your Debts
As you plan how your assets will be distributed, it's also good to identify your creditors. Your debts don't vanish when you die. In fact, you just hand over the burden to your loved ones, making their life a bit difficult. So you should outline all your debts and come up with a reasonable repayment plan. Debts should be included in your estate plan, and they may include car loans, unpaid legal fees, business loans, mortgages, and credit cards. Clear them where possible to give your beneficiaries and loved ones an easy time.
For professional help with your estate planning, contact an estate planning attorney in your area.
