Preparing Your Estate Plan

2 September 2020
 Categories: Law, Blog

Knowing how your affairs will be handled when you pass away is something that will help to give most individuals a sense of peace as this will ensure that their final wishes are followed. An estate plan can be an important part of this process as it will give you a high degree of control over the way that these matters will be handled.

Take A Comprehensive Inventory Of Your Assets

Prior to creating your estate plan, you will need to take a comprehensive inventory of the possessions and assets that you are wanting to handle through the estate plan. Unfortunately, individuals that are not thorough with this process may leave out important assets or possessions from the estate plan. This can lead to confusion and a greater risk of conflict emerging over the possession of these items. While individuals may assume that they will know exactly what assets they will need to include, it can be easy to leave things out when you are rushing through this process. Taking a few days or longer to review your assets before creating this list can help to reduce the risk that you leave out important assets.

Consider How To Accommodate Minors

It is possible that you are wanting to leave assets behind to your loved ones that are still minors. These individuals will not be able to own assets, but you can still include them in your estate plan. It is possible to designate a guardian for the assets you are wanting to leave to them or you may even establish a separate trust fund that will be able to protect these assets until the child becomes old enough to receive them. This can avoid situations where you leave assets to irresponsible guardians that may not protect the assets as closely as you would like.

Utilize Professional Representation To Prepare The Estate

There are many online services that you can use to help you with creating the legal documents to establish an estate plan. While these services can be convenient, they will be unable to provide you with the type of guidance and information that you will need to ensure that your estate plan is accurate and comprehensive. If there are any mistakes or errors with the estate plan, it can be difficult to discover this until it is too late to be corrected. Working with a professional to plan your estate can be necessary for keeping these risks as low as possible.

For more information, contact an estate planning attorney in your area.