The 8 Steps to Estate Planning from Estate Planning Lawyer Fairfield County, CT Trusts
For those who are starting to think about writing an estate plan, may quickly become emotional and stressed over the task. Thinking about what life may be like after you are gone can be an odd thing to do. However, by creating an estate plan you are listing your wishes about to whom, and how much of your legacy is awarded. An estate planning lawyer in Fairfield County, CT at Sweeney Legal can help you get through this task if you get stuck. Overall, there are about eight steps involved in building an estate plan.
#1 – Understanding Why You Need an Estate Plan
Writing an estate plan is an opportunity to pass on your legacy in the way you so wish, as a Fairfield County, CT estate planning lawyer can explain. You can also insert names of those who are to be excluded from receiving any portion of your assets, in the event a relative were to go to court fighting for an award.
#2 – Choosing Beneficiaries
Those you pick to receive part of your belongings, money or property are going to be continuing on what you have created. These should be people you love, trust and have made an impact on your life thus far.
#3 – Making a List of Assets & Belongings
After choosing beneficiaries, make a list of all your current assets and belongings so you can start choosing who is to receive what. As a estate planning lawyer in Fairfield County, CT will suggests, be as specific and clear as you can, so there is no room for misunderstandings.
#4 – Appointing an Executor
An executor is a person who you have faith can carry out the wishes listed in your estate plan responsibly and with respect to your loved ones. After you pass, your loved ones are going to be grieving. So, choose a person who can handle your affairs with grace and tact, as a estate planning lawyer in Fairfield County, CT would recommend.
#5 – Assigning Power of Attorney (Finances)
The person you appoint as power of attorney is to act as your agent to pay bills, make financial decisions or manage other monetary affairs in the event you are unable to do so yourself.
#6 – Establishing a Living Will
Also referred to as an advance medical directive, a living will states your desires for life-sustaining medical decisions. These preferences can include what you do or do not want if you were to become unable to communicate because of an illness.
#7 – Designating a Power of Attorney (Healthcare)
You can assign a person to act as your agent when it comes to making decisions regarding your healthcare in the event you become incapacitated. This person should understand medical treatment information, can handle making tough choices and always has your best interest at heart.
#8 – Updating Estate Plan as Needed
Once your estate plan is complete, do not forget to go back and edit it as there are births, deaths, divorces, marriages or substantial changes in your finances.
An estate planning lawyer Fairfield County, CT relies on at Sweeney Legal can provide guidance and advice when establishing your estate plan. Please reach out today to schedule a free consult for new clients.