No matter how large or small your estate is, we all need to create an estate plan for when we are gone, or in case we are involved in an accident and can no longer make decisions for ourselves.
Creating an estate plan ahead of time will not only give us peace of mind, but it will help our loved ones to get everything settled and not have to go through cumbersome and unnecessary problems.
Below, we share with you a list of how you can start creating an estate plan and the steps to follow.
Creating an estate plan
1. Take inventory of your belongings. Make a list of things you own such as houses, cars, jewelry, stocks, property, art, insurance policies, and any other type of assets. Try to write down the value of each of them, if you do not have this information, you can go about obtaining it through an appraiser or reviewing market prices. This will help you get an idea of everything that needs to be arranged and how to divide it up. Also include any information about debts, mortgages, or any credits that you have.
2. Consult a lawyer specialized in estate planning. Estate lawyers can guide you every step of the way and answer any questions you may have. You can establish with them who will be in charge of supervising your will and the division of assets, how to designate your heirs and in what proportions, and they can also advise you on what steps to take in case you have children who are minors. These are just some of the points that you can discuss with your lawyer, plus other issues that they may consider important to take into account based on your circumstances.
3. Create your estate plan. Once you know what you need to do, meet with your lawyer, and create your will, medical and financial powers of attorney, and any other documents that are necessary.
If you want to create an estate plan, contact our attorneys. We can advise you and help you to have everything prepared and ready before any eventuality. Call today!