Helpful Insight For Estate Planning

Helpful Insight For Estate Planning

Estate planning is an essential way to protect your legacy and prepare for the future, whether you have a little or an abundance of assets. Not having a plan can result in complications for your end-of-life preferences, in addition to causing stress for your close family members. An estate plan provides directives for your trusts, assets, guardianship wishes, beneficiary inheritances, and so much more. Here are just a few helpful insights that can ensure you are making the most out of your estate planning:

Recruit a Team To Help You

Going about writing an estate plan alone or using an online generic program can result in confusions later on. Online documents can be limiting, and may not allow you to make personalizations. Furthermore, if you try to establish an estate plan on your own, there may be crucial steps you have missed. If an estate plan is confusing, uses too general of directions, or otherwise is unclear, it can make matters more difficult for your loved ones after you have passed on.

One of the best things you can do for yourself is recruited a team to support you, such as a lawyer that is experienced in handling estate planning, as they are knowledgeable and have your best interests in mind at all times. 

Make a List of Assets

Write down everything you own, including tangible and non-tangible assets. These can be things like your vehicle, house, art and jewerly collections, 401k, retirement plans, bank accounts, deeds, etc. Once you have a complete list, you can move on to figuring out which of your loved ones are to receive which assets. 

Write Down Your Wishes

The entire idea of writing an estate plan can feel terribly overwhelming. A great place to start is by writing down your assets and beneficiaries. Who do you want to have a portion of your estate after you have passed away? What part of your legacy do you want to leave behind with those family members? How would you prefer to have your belongings handled, do you want loved ones to keep them or is it okay to sell off some items or property? It can feel odd at first to think of a time when you are no longer here but focus on the meaning of what you want to leave behind to those closest to you. 

Anyone in need of help with their estate plan may want to consider having a lawyer guide the process, such as an estate planning lawyer in Elizabeth, NJ from Wade Suthard, P.C.