Estate Planning Basics: Steps for Getting Started
It’s time to get started with your estate plan. We will go into the technical step-by- step in later posts, but for now here are some things to think about before doing your own estate plan or calling an attorney. First, do some inventory on your assets—namely, what they are and what is their value. This process also requires you to evaluate the people in your life whom you can trust. This decision is a big one because these individuals will play key roles in your plan. Think about who you would designate to manage your assets or make decisions for you if you were to become unable. Also, you may need to consider who would take care of your children (if they’re under 18) when you pass. Since these are enormous decisions with serious repercussions, give yourself plenty of time to think about them. Then, as you should do with everything important, put it in writing. Finally, try to make the decision of how you want your remains to be laid to rest. While this is probably the last thing you want to think about,it’s important that you’re not putting extra stress on your loved ones to make decisions for you. In the end, saving them from these types of worries is the primary goal of estate planning.
Why do you need a lawyer? Estate planning is made up of many components—all complex and all boring. But these components, including tax planning, medical planning, business and financial planning, are not boring to a lawyer. This is someone who’s dedicated their life and career to understanding all of the complexities so you don’t have to. Most importantly, an attorney will be able to explain everything to you in a way that’s easy to grasp, as well as answer any of your questions and address your concerns. That’s especially important for an estate plan that is constantly undergoing revisions and requiring updates.
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