There is more to estate planning than just writing up some documents, as this is the process of passing down your legacy to those you care about the most. Estate planning isn’t only about writing a will either, as there will be other tasks that you must complete as well. Most people don’t love the idea of planning for a time when they are no longer here, however, it is the only way to ensure that how you want your assets to be distributed is done so in the manner you wish.
What does it mean to die intestate?
Those who die intestate, without necessary estate plan documents, will have their estate handled by the court based on state law. Knowing this fact may be motivation enough to finally get started on your estate plan because most of us would prefer to not have the court dictate how our legacy is passed down. The court is unlikely to consider family dynamics and other nuances since they will be distributing assets based on what the law has instructed them to do.
What is the first step in estate planning?
The first step for most people when they begin estate planning is writing an inventory of their assets, both tangible and intangible items. As an estate lawyer from W. B. Moore Law LLC. would suggest to clients, take a look around at the inside and outside of your home, list valuable items, and get appraisals for belongings that you aren’t sure the value of. You cannot smoothly pass down your assets if you do not have an organized list of everything you own.
Who is best to choose as beneficiaries?
You can choose whoever you want to be a beneficiary. These are people that you want to have a portion of your assets after your death. Usually, people choose their spouse, children, siblings, or close friends as beneficiaries, but charity organizations can be listed as well. You can set up your estate plan so that a percentage of your assets are donated to a charity that means something to you.
Should I inform my beneficiaries about my estate plan?
You may want to talk with beneficiaries about what assets are being designated to them so any concerns or disputes can be handled now. It isn’t uncommon for beneficiaries of someone who passed away to get into hostile disagreements over who is to receive what from the estate. These emotions are especially amplified during a period of grief. If you prefer to keep the details of your estate plan private, then you do not have to officially discuss what is written in these documents to anyone else until the time comes to do so.
Being reminded of our mortality is not something people enjoy, and planning for the future when you are no longer here can be a difficult one. Thankfully there are lawyers, such as a team member from W. B. Moore Law LLC., who can guide us in this peculiar, albeit necessary, task that will impact the lives of those we leave behind.