Simple Tips When Creating An Estate Plan
Back in 2017, almost half of all Americans said that they have a will or other type of estate planning document, but in 2020, less than a third say that they have one or more such documents. However, this significant decrease doesn’t take away the importance of having a plan in place. Giving you the ability to leave your property and possessions to those you love after you pass (or are otherwise incapacitated), an estate plan can prove to be essential in fulfilling your wishes. For those who wish to create an estate plan at an older age, it’s often intimidating in knowing where to start.
Taking inventory of all of your possessions is a great way to start in terms of creating an estate plan, as it allows you to get a full overview of exactly what you have. This can include any property that you may own that needs to be managed – see here, as well as vehicles, jewelry, and other sentimental items that you wish to be passed on. Intangible things that you may also want to take inventory of for your estate plan may include things like checking/savings accounts, stocks or bonds, and even ownership of your business if you have one. Making an outline on paper as to what you own and the people you have in mind for inheriting such items can make starting the process much easier, though there’s more to it than that in terms of solidifying your plan.
Making a solid plan
When it comes to making a solid plan, you’ll need to make decisions regarding who you’d like to inherit your things, as well as additional important decisions such as reviewing any beneficiaries, naming a reliable Power of Attorney, and making health care directives, too. While you can create your estate plan on your own, those who don’t have experience in handling such matters may find comfort in hiring a professional to help streamline the process and ensure that things are done properly. With that in mind, the law offices of Kim Butler recommend setting up a professional consultation to help you understand your options regarding your plan so that you can make the best choices for your family.
Involving the family
When making an estate plan and determining inheritances, you may choose to involve the family and let them know of the choices you’ve made in regards to inheritances, power of attorney, and more. It’s not uncommon for some family conflict to arise when learning about what your estate plan entails, but there are ways that you can help. For example, explaining why you chose to leave certain assets to certain family members (and even doing so in writing) can help in making others understand the reasoning behind your choices. You can also reduce family conflict regarding your plan by treating everyone involved equally, as well as by updating your plan periodically.
Creating an estate plan is a great way to ensure that your property and other possessions are properly documented to be left to your loved ones after your passing, but it can be intimidating to get started. By taking inventory, solidifying your plan, and preventing family conflict in regards to inheritance, you can ensure that you have a good plan in place.