Making estate plan seems like a big deal to some people probably because it sounds like you are planning for your death. But it doesn’t have to be seen that way. Estate planning is very important in safeguarding your assets after you are gone. It is also important for making your assets readily accessible to your loved ones after you have passed on.
Often the process in making an estate plan could be a very complicated one if not properly done. Also there is the risk of making mistakes and this is not good as mistakes in estate planning could be disastrous, not easy to fix and most times not fixable. This is why you have to be very careful when planning your estate. In order to plan your estate accurately, there are things you should do and there are things you shouldn’t do. These things are explained as you keep reading.
Do a proper research
By this I do not mean you should just go online and read a web page or a blog post and tell yourself that your research is done. No! Research goes way beyond that. Your research has a serious role to play in order for your estate to be planned out smooth and proper.
An in-depth research is needed as this will give you the necessary information you will need. Estate planning isn’t something you venture into without a prior knowledge and overview. Your own personal research will open you up to the various options you have.
Do seek for guardians
After making your personal research the next thing is to consult a professional in this field. Your personal research won’t be enough, the assistance and guidance of your estate planning team is very important. Your estate planning team should comprise of an attorney, an estate planner a financial adviser, etc. These professionals will give you legal advice as to what and what choices you should make that will be beneficial to you.
Generally when the issue of estate planning comes up, people just think it’s all about will and last testament. A will is just one document in an estate plan; there are other vital documents that together with a will make up an estate plan. These are some things your attorney and estate planner will enlighten you about in case you missed them during your personal research.
Your attorney will be the one to formerly file all your estate planning documents. Reach out to our attorney today for consult and hire.
Do ensure you make a will
A will is a very important document in an estate plan. It contains your intentions regarding your estate at your demise. It covers a lot of details which include how you wish your estate to be managed when you are no more, how your assets should be distributed among your heir, details about your creditors, your named executor, etc. Failure to include your will in your estate plan will be very disastrous on the long run.
Do ensure to plan for incapacity
Incapacitation might come through sickness, accident or mental disorder. Either ways the person is put out of commission and won’t be able to make decisions for himself anymore. This is why it is important to plan ahead for this kind of event. You should choose a guardian who will oversee your affairs in times like this.
Don’t procrastinate
Procrastination could be very dangerous as no one knows what will happen the next day. The best time to plan your estate is now. Do not wait until you are old and probably lack the ability of rational thinking. Postponing will only make things more complex at the end.
Don’t forget to constantly update your estate plan
Updating your estate plan from time to time at regular interval is as important as making the plan in the first place. As time and events changes, it is important that your estate plan changes alongside. For instance the birth of a baby is a reason to update your estate plan so as to make provision for the baby in your will. Do not forget to update your estate plan in the case of a divorce. You might want to remove your ex as a beneficiary of your estate plan.
In planning your estate, the role of an attorney cannot be overemphasized. Our attorney’s office is always opened for consult and hire.
