Preparation for The Future Creating or Amending an Estate Plan
Review/Update Your Estate Plan
Itemize Your Assets
Anyone who cares about the future of their possessions should review or amend their estate plan every three to five years. Include your loved ones in estate planning conversations to minimize conflicts or disagreements about your plans.
Estate planning is the process of ensuring your assets will be used in accordance with your wishes should you become disabled or die. Estate plans are not set in stone. They should be reviewed and, if necessary, revised after significant life events such as childbirth or divorce.
Begin by evaluating your assets and liabilities. To determine your net worth, list all assets, liabilities, and debts. Save your critical documents in a secure place, including tax returns, title deeds, and insurance policy documentation.
Decide What You Want To Accomplish With Your Estate Planning
Next, identify your estate planning objectives. Engage in conversations with your spouse and loved ones. Although these discussions may seem tough, they are important. Your family will appreciate understanding your estate planning approach now rather than later.
Overcome the Obstacles
Many people avoid creating an estate plan due to costs or uncomfortable conversations. Despite these challenges, it’s important to consider what would happen to your possessions if the unexpected occurred tonight. Reflect on the following:
- Have you designated someone to care for your young children?
- What are your plans for your elderly parents’ well-being?
- Who will look after your children and spouse if you pass away?
- What will happen to the family business?
- Have you minimized your estate’s tax burden and legal fees?
Seek the Advice of an Experienced Estate Planning/Trusts Lawyer
Without a proper estate plan, your estate’s final disposition will be governed by state laws, which may not align with your wishes. Outdated or missing estate planning documents could force your loved ones to endure a costly and lengthy probate process.
To ensure your assets are distributed according to your wishes and with minimal tax burdens, consult a trust attorney. Schedule a case review with Anidjar Law.
