If you previously thought of estate planning as something that’s reserved only for the wealthy, you’re wrong. Today, estate planning is a very important process for anyone to go through, especially when you’ve acquired a number of assets in your lifetime.
Estate planning is the process of making a written document (usually a will) that details what you want for your estate and how you intend to pass on the ownership of assets to your children, beneficiaries, or heirs. This is often done to ensure that if someone passes away, their assets will be distributed fairly.
Although this type of plan covers a range of different aspects, it’s most commonly designed to give support to married couples who have children. But it’s also equally important for those who are single parents.
A good estate plan can go a long way towards helping families to plan and prepare for their future. Unfortunately, a lot of people don’t have any real knowledge about how to get started with this sort of planning. So, here are some simple tips that may help you.
- Meet With The Professionals Concerned
The first step towards creating a good estate plan is to assemble the right team of professionals. In most instances, this team will include your estate planning lawyer and your accountant. The lawyer is the one that’s well versed with the intricacies involved in estate planning, while the accountant can help you work through your assets and decide which of these ought to be a part of your estate plan and what wouldn’t.
While there are those of you that may prefer to go through a DIY estate planning process, this isn’t highly recommended. Remember that this is a very important document that affects your heirs, once you passed away. Thus, you can’t take any risks in making mistakes.
As you assemble your team, the goal is to ensure the proper distribution of your assets with as little confusion as possible.
- Create Or Update Your Will
A will is necessarily a part of estate planning. For starters, you need to ensure that you have an updated one. Thus, make it a point to update it regularly while you still can. This regular updating process can help ensure that your will gets accepted in the probate court. What is probate? Learn more about it by visiting www.milehighestateplanning.com/probate.
The advantages of making a will are numerous and the disadvantages are few.
Having a will provides you with peace of mind since you know that you’ve recorded all your wishes in writing, making them legally binding. Because they’re written, it’s going to be difficult for anyone to contest its legality.
The disadvantages include the time and effort required for creating the will
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