Whether you are 30 or 60, it is never too late or too early to start planning your estate. While it can seem a bit morbid, estate planning will help you to arrange the money that you have, any properties, and possessions in the event of your passing away.
In theory, it sounds pretty simple, but as you may have guessed, it can become a bit complicated to design an efficient estate plan. As such, there are some key things to consider when drawing up the planning of your estate.
So, this article seeks to help draw your attention to some things you need to consider. Enjoy!
Defining Is Key
When it comes to planning your estate, you need to define it. In short, your estate is the assets that you will leave behind and will often include things such as your savings, investments, a pension, a house, or any cars that you own.
It is also worth exploring estate planning with asset protection, so when you pass away, any of the assets listed in your plan will not be subjected to creditors. So, your family will be able to inherit everything that you want them to; just make sure it’s all clearly defined!
How to Start?
Now onto the next step; how do you start your estate planning?
You need to consider who you want to inherit your assets, which can include everything from heirlooms to photos and even larger items such as houses.
You will also need to write a list of any money or possessions that you want to give to charity too. The best way to do this legally is to contact an estate planner or a lawyer specializing in this area to make sure that your needs and wishes are met and that there is no red tape for your family to deal with.
Of course, estate planning and having a will or intertwined, and while every adult should have a will, it may be wise to have a physical copy of the will made as well as a digital one, just to be safe! The good news is that you can put together a DIY will without any legal help. Of course, if you have assets that are a bit more complicated, as well as having an extended family that you wish to leave it to, it may be best to seek legal advice to ensure that your will is legally binding.
Power of Attorney
As well as writing a will, when it comes to estate planning, you will probably also need to put into place a power of attorney. This means that should you pass away, become gravely ill, or be injured and you cannot specify your wants, there will be a member of your family on hand to oversee this for you. They are then legally allowed to make medical decisions on your behalf, as well as ensure that all of the plans put in place via your estate planning are followed. This can give you peace of mind and will also help when it comes to drawing up estate planning, as many companies who offer estate planning will require you to have someone who has power of attorney.