Making plans for after death is surely not at the top of anyone’s to-do list. However, the truth is that most people can greatly benefit from having an estate plan, regardless of how they think they have in assets. Essentially, an estate plan is a set of instructions for who and how the legacy left behind will be passed down to future generations.
Furthermore, having an estate plan helps prevent the government from handling the estate based on state law, which may not be how the decedent would have wanted. For those who are in need of estate planning tips, consider these that you may have have heard before:
The plans for your house must be clear.
Of all the items that will be passed on to those you care about, your home is probably of the most value and importance. If you do not create a living trust, put the home in your will, or have directives for your deed, it can cause problems later on when the property is to be distributed.
Understand the cons of probate.
Many people want to avoid probate at all costs, and this often because probate can make it take longer for heirs to receive their inheritance, in addition to being a time-consuming and expensive process. Probate may take months or years to conclude, resulting in immense frustration for loved ones during a time of grief.
Remember items with personal value.
You will have to write a list of your tangible and intangible assets. Do not forget about items that you personally cherish with low to no monetary value. Consider who you want to pass these belongings onto, and be sure to assign them these items in your estate plan.
Revisit estate plan as life goes on.
Once you complete your estate plan, the work is not over. You will need to revisit it and make changes when needed as life goes on. Events that may necessitate you editing an estate plan include divorce, marriage, births, deaths, and significant changes to financial status.
As an estate planning lawyer at W.B. Moore, Attorney at Law would agree with, it’s better to begin the task of writing an estate plan sooner rather than later, so those who haven’t begun shouldn’t wait.