Many people wonder, “When is the best time to start estate planning?”
Spoiler alert: it’s now.
Thinking about the end of your life can be uncomfortable, but it is essential to protect your assets and the financial future of your children. If you have been avoiding this process for years, now is the time to be proactive. With the help of an estate planning lawyer, you can begin to plan your will, trusts, and other documents. This guide will teach you the basics of estate planning, so you can later work with an aggressive attorney to ensure you and your family’s needs are always met.
What is estate planning?
Estate planning involves compiling various documents to ensure that your wishes are fulfilled upon death. Your “estate” includes your assets and property. So, by working with an attorney on estate planning, you can decide ahead of time what will happen to these after you pass.
Do I actually need an estate plan?
Estate planning gives you complete control over your assets. Otherwise, state law usually determines how your assets are distributed. This could potentially cause conflict for your living family members. By planning out all of your intentions, you can have these delegations set in stone.
What should I consider during the estate planning process?
According to Business Insider, a will, a living will, and a durable power of attorney are the three most important legal documents that you should have. These are all part of estate planning. An estate planning lawyer can help you determine what exactly needs to be included in all of these documents based on your specific situation.
Why do I need a lawyer to help with my estate planning?
Simply put, hiring an aggressive attorney for your estate planning process reduces the chance of error and ensure that every document is properly filed. And by having a lawyer present, all of these documents are legitimate. You could easily leave your assets unprotected by taking estate planning shortcuts.
What happens if I want to change my estate plan?
While estate plans are often possible to change, it can be time consuming. This is why it’s important to regularly revisit your wishes and talk to a lawyer about any updates. By doing so, you can keep your plans up to date with your family and financial situation.
To get started on your estate planning journey, be sure to contact our office today. We are happy to answer any of your questions and start creating a customized estate plan for you.