Any estate planning attorney will tell you that settling your affairs in advance protects your loved ones and safeguards everything you’ve worked so hard to achieve. Otherwise, the courts will decide which ones among your children or relatives will get your assets if you pass on without a will. There are several vital things to know about estate planning, like:
You Can Start Now
Your estate comprises of any real estate, insurance, bank accounts, business, stocks, and personal property (cars, jewelry, artworks) that you have. You don’t have to wait until you have three houses or reach retirement age before you start planning your estate. You can do this at any time and at any age. After all, life is unpredictable. No one knows how long we’ll be in this mortal plane.
Draw Up a Will And Update It Regularly
Drawing up a Will makes dividing your estate easier. It acts as a guideline to your final wishes, like who will inherit which property or will manage your business. This ensures you have a say on who will benefit from everything you’ve worked hard for. Otherwise, the courts will decide and the company you’ve built from scratch might end up with a child or an ex that’s notorious for not having any money sense.
Once you have a Will, you should update it regularly. Your personal and financial situations change, as does that of your beneficiary so your Will should reflect that as well. Make sure you sign your Will, along with two witnesses an estate planning attorney, and a notary public.
You Can Choose Your Beneficiary
You can name specific people to be your beneficiaries. Take for instance retirement plans and insurance policies, they require the account holder to name a beneficiary, so they’ll know who to turn over the funds to. Talk to a lawyer about establishing a living trust so ownership of assets like real estate or cars will be transferred to the people you selected.
You can continue protecting your loved ones even after you’re gone with an estate plan. Whether you want to divide things equally or put someone in charge, an estate planning attorney will ensure everything is in place.