What Are the Basics of Estate Planning?

Estate planning is a topic that many people prefer to delay. It is tough to talk about your own death, but it is not a good idea to delay estate planning.

Having a solid plan in place can allow you to have peace of mind that you will take care of your loved ones even after your death. Putting together that plan will involve a few essentials.

Inventory Your Assets

NerdWallet suggests that you start by making sure you have a list of all of your assets. Make sure that you remember everything, including intangible assets. During your inventory, you can note if certain assets have joint owners or named beneficiaries. These assets will not need to be in your estate plan because they will automatically go to the other owner or the beneficiary upon your death.

Establish Your Goals

Once you know what you have, you can begin to decide what your goals are. Think about what you want to accomplish with your estate plan. Perhaps you need to make sure there is money left to care for your spouse to live on. Maybe you need to ensure the care of minor children. Whatever your estate planning New York NY goals, write them down so you can assure you meet them.

Consider Options

There are many ways to leave assets to heirs. You can and should write out a will. However, you have other things may want to create, such as a trust or power of attorney. Health care directives are also a good idea. You should plan for your death and for a situation where you are still alive but cannot make your own decisions.

Seek Professional Help

Putting together an estate plan on your own opens your estate up to disputes and contests during probate. It is a good idea to at least consult with an attorney.

Bottom Line

The bottom line with estate planning is to just do it. There’s no time like today to ensure that you have everything in place for your loved one’s future.

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