Estate Planning Tips: How You Can Create a Successful Estate Plan
You may think that estate planning is just for the wealthy, but it’s something everyone needs to consider. Learn about estate planning tips here.
The state of estates is dire but our estate planning tips will help you. More than two-thirds of Americans do not have a will or any other type of estate planning in place. Very few Americans spend any time at all thinking about estate planning.
Yet it is essential. Forming a good plan for your estate will minimize legal problems and smooth family relations over after you pass away. You can make a terrific plan if you follow some of our estate planning tips.
Answer these questions and you can keep your estate in the hands of your loved ones. Here is your quick guide.
Get a Good Sense of Your Assets
You cannot write an estate plan without knowing what your estate is like. Before you contact an estate planning attorney, you usually recommend that you write down all your assets.
Get a full account of your assets, including your physical belongings and your debts. Keep paperwork that documents your ownership claims.
You can then go to an estate planning attorney in Chandler. Get advice on how you can designate your belongings and make tax-paying processes easier.
Write Flexible Wills
It is essential that you have at least one will drafted. Your last will and testament is your document that outlines your final wishes for your estate.
It should be a thorough document. Account for all of your assets and name clear beneficiaries for each one.
But your last will is not done once you write it. As time goes on, you need to write a new draft of your will to reflect your assets. If you get divorced or have a child, you need to change your beneficiaries to match your current circumstances.
You should also consider writing a living will. This document specifies the medical treatments you want in case you can't make decisions for yourself. It provides a plan for a healthcare proxy in the event that you are no longer able to make decisions for yourself.
As with your last will, you want to change this document over time. You can describe palliative treatments and whether you want to be resuscitated.
Establish a Trust
A trust lets you designate someone to hold assets for someone else. Establishing a trust is a good option if you want to avoid probation or if you have beneficiaries who are inexperienced and you want to make it as easy as possible for them.
There are many types of trusts that you can establish. A living trust in Chandler lets you maintain complete control over your assets while you are alive. You can change your beneficiaries and assets with ease.
The Best Estate Planning Tips
You must follow a few different estate planning tips. You must have a complete impression of your estate.
Your final will and testament should cover all aspects of your estate. But you shouldn't forget about a living will that discusses your healthcare treatments. Make sure to update both documents.
If you have a large estate, you should consider a dynasty trust. You can get a living trust started with a lawyer's help.