An estate plan is a safeguard which ensures that your assets are passed on to your loved ones after your lifetime, or in the event you are unable to take care of yourself. Creating an estate plan can be complicated, especially if you’re unsure of where to start. Here are just a few ways that you can begin the process of preparing your personalized estate plan.
Create A List Of Your Assets And Their Worth
Create an itemized list of all your assets and their values. This list shouldn’t just be a list of all your physical possessions. You should include other assets such as bank accounts, properties, life insurance policies, stock investments, and more. Prepare a comprehensive list that can be reviewed by your attorney, so you don’t accidentally leave anything important out of your estate plan. Also include a list of valuables or meaningful items that you would like to give to specific people.
Choose Your Beneficiaries
Once you’ve made a list of all your assets, it’s time to decide who you would like to receive them. This may seem like a simple decision. Most people will choose their spouse, children, or any other living family. In situations where your beneficiaries are minors, disabled, or not related to you, an estate plan is the only way to pass along your assets without ending up in probate court. Discuss potential candidates with your lawyer so that your personalized estate plan is as specific as possible.
Choose An Executor To Help Make Your Decisions
Once you have divided your property and assets among beneficiaries, it’s time to choose an executor for your estate. This will be the person responsible for making important decisions for you in the event that you are unable to care for yourself. Choose someone you trust and who will have your best interest in mind when making the tough decisions.
Hire A Good Attorney
The easiest way to ensure your estate planning goes smoothly is by hiring the best estate attorney. An estate attorney will have the professional knowledge and expertise to help you with your estate planning, no matter how complicated your situation is. Rest assured they will be able to give you the individualized attention you deserve.
Real Estate Attorneys You Can Trust
If you’re looking to create a personalized estate plan so that you’re prepared for the future, then let the talented attorneys at DaMore Law assist you! Make the right choice for the future of your estate today by scheduling a consultation with the experts at DaMore Law.