Review/Update Your Estate Plan
Anyone who cares about the future of their possessions should write or amend an estate plan every three to five years. Take time and include your loved ones in estate planning conversations to minimize conflict or arguments about your plans. But first, what is estate planning?
Estate planning is the process of ensuring that your assets will be used in accordance with your wishes should you become disabled or die. Estate plans are not set in stone, as many people believe. In reality, a person’s estate plan should be reviewed and, if necessary, revised as a result of significant life events such as childbirth and divorce.
As a good starting point for estate planning, it’s important to evaluate both your assets and your liabilities. To determine your net worth, you must first list all of your assets and liabilities, as well as any debts you may have. Once you’ve done this, you’ll want to save your most critical documents in a safe place. This includes tax returns, title deeds, and insurance policy documentation.
The next best step is to identify some estate planning objectives. Engage in a conversation with your spouse and other loved ones, even if it seems like an odd thing to do. However, it’s important to have these conversations even if they’re tough. In the event of your death or incapacity, your family will appreciate learning about your estate planning approach now rather than later.
Many people avoid developing an estate plan because of the costs and uncomfortable talks involved. Despite these obstacles, you should consider what would happen to your possessions if anything unexpected happened tonight. In addition to these questions, you should also consider the following:
- Isn’t it to you to find someone to take care of your small children?
- What are your plans for your elderly parents’ well-being?
- Who will take care of your children and your spouse if you die?
- What will happen to the family business?
- Have you done everything you can to minimize your estate’s tax burden and associated legal fees?
Your estate’s final disposition will be governed by the laws of your state if you do nothing before you die. But, there’s a chance that your assets may not be passed on in the way you want them to. If you don’t have up to date or necessary estate planning documents, your spouse and loved ones may have to go through an expensive and lengthy probate process.
To ensure that your assets are dispersed in accordance with your wishes and with as little tax burdens as possible, you may require a trust attorney. You may schedule a case examination with us at Anidjar Law.