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Estate Planning Process

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Having a well constructed estate plan will ensure that you can plan what happens to your possessions and your family yourself, instead of it being left up to the state. However, the operative term here is well constructed and properly thought out. An experienced estate planning attorney will be able to guide you through the process, guaranteeing you construct a complete estate plan that can easily be followed in the event of your death, or in the event you fall ill. To get you started though, we have compiled the following estate planning checklist. By studying this checklist, you will know what you still need to do to create a complete estate plan: Review Debts And Possessions: One of the first steps in creating your estate plan is to know…show more content…
This document will give the person of your choice the power to make your medical decisions for you in the event you are incapacitated in some way. Make sure the person whom you name in your living will knows your wishes with regard to your medical care. For example, if you don’t want to be kept alive artificially in the event you are gravely injured, make sure they know this fact. A Power of Attorney: If you are unable to sign your own documents for a medical reason, you need to give someone you trust the power to do so on your behalf. This person will be able to sell your assets if need be, to sign your tax returns, write checks from your account and the like. Again, make sure that whomever you give this power understands how you want your affairs to be handled. Also, make sure they are trustworthy. Usually, for older individuals, a power of attorney is given to an adult child in the event a spouse is no longer alive to make such decisions. An Updated…show more content…
You desire another person, besides your heir, to manage your money and other assets. You would like to avoid the probate process. You are wealthy enough that what you are leaving your heirs will require them to pay federal estate taxes. If you aren’t sure a trust is for you, an experienced estate planning attorney can tell you for sure. Look Over All Beneficiary Forms And Correct Mistakes if Present: You have to be sure that you check who is named as your beneficiary on various documents. For example, your company’s 401K plan, an IRA or a savings account. When opening these accounts, you are asked to name a beneficiary. Some people forget to update these though after losing spouses or a divorce. It’s also a good idea to make sure that someone is named at all. If you don’t name someone, then the money in these accounts will have to go through probate, which of course takes time. Therefore, it’s a good idea to make sure the beneficiaries on each of your accounts are up to date. Contact us today for help constructing an estate plan that will ensure your estate is handled the way you desire in the event of your death or
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