Planning your estate is of vital importance to the future of the loved ones you leave behind. With the right help it’s not a difficult process, though there are legal complications that arise. Unfortunately, far too many people put it off for years and then, one day it’s too late and their heirs have to deal with a mess of probate. Learn why you should start planning your will and asset distribution today, and how an estate plan attorney can help.

Why Not Wait?

Many people wait to plan their estate. The list of excuses is as varied as people are, but often includes things like, “my assets might change and put the will out of date.” It can also for many be a factor of facing their own mortality, which is something none of us want to do. However, there’s nothing more important than making sure your affairs will be settled satisfactorily when you die.

If you pass away without a will, your beneficiaries and anyone with any claim to your assets will have to fight in probate to determine who gets what. Families have been torn apart by these battles. Worse, estate taxes will eat away at everything you’ve got until sometimes there’s just nothing left.

How Do I Plan?

The actual initial plan for how you want to settle your affairs shouldn’t be that difficult if you take it step-by-step. Do the following:

  •         Make a list of all of your assets and debts. Include property, investments, insurance policies, bank accounts, valuables, vehicles, and anything else you can think of. The more detailed you are, the better off you’ll be. Even Great Aunt Jane’s wedding ring that’s been packed away for decades is an asset.
  •         Consider your funeral expenses. Can you afford to pay for them now, in advance? If so, this can be a boon to your heirs.
  •         Make a list of the people you wish to receive assets, and divide the assets among those people.
  •         Consider who should execute your will and if you have children, who should become their legal guardian if you pass before they’re adults. Talk to these people to make sure they’re willing.
  •         Talk to an estate plan attorney.

Estate Plan Attorney

An estate plan attorney is your best ally in planning for your passing. They will know how to guide you through the process of accounting for the estate taxes your heirs will need to pay, though setting up trusts, purchasing extra insurance and everything else you may have forgotten.

Your attorney can then witness your will and make sure that it is couched in the proper legal terms to make sure there are no gray areas as to who gets what. You want to be sure that your will is very clear, in legal terms, as to how your assets will be distributed. This will avoid further complications when the time comes.

If you are ready to start planning your estate, read about our services and then call an estate plan attorney at Stano Law for help and advice today.