It’s never too early to start thinking about estate planning. Whether you’re in your 30s or retired with adult children, an estate plan can help you take care of your family members after you pass away. However, estate planning isn’t just about writing a will. It’s also about choosing beneficiaries, buying insurance and taking other steps that many people don’t think about.
What are some of the most important parts of estate planning?
Many people assume that their will has the final say on the division of assets. Unfortunately, that’s not the case. During the estate planning process, you’ll need to review your beneficiaries on assets like savings accounts, retirement plans and life insurance policies. If you don’t have a beneficiary listed or your beneficiary is someone whom you’ve written out of your will, the wrong person might end up getting a portion of your assets.
Additionally, you should consider writing a personal property plan. This dictates how you want your property divided, including small pieces like fine china or an antique clock. It might seem unnecessary, but dividing up your property can prevent family arguments down the road. If you don’t feel like dividing up every piece of property, you can give one person the authority to make all the final decisions.
You should also consider taking out certain insurance policies. A life insurance policy can help your loved ones pay for funeral costs, medical bills and other end-of-life expenses after your death. If you don’t have one, your family might have to sell off parts of your estate to pay the bills. On a similar note, you should consider other forms of insurance like liability insurance. Having the right insurance policies can protect your family members long after you’re gone.
Who may help you write your will?
This might all seem like a lot to consider. Unfortunately, estate planning is much more complicated than most people realize. Luckily, hiring an estate law attorney may make the process easier and help you avoid creating legal or familial issues in your will. An attorney’s guidance might help you make the best possible decisions for your family.